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QUESTION

Italian Stallion the following translations during the year related to stockholders’ equity. February 1: Issues 4900 shares of no-par common stock for $14 share. May 15: Issues 700 shares of $10 par v

Italian Stallion the following translations during the year related to stockholders’ equity.

February 1: Issues 4900 shares of no-par common stock for $14 share.

May 15: Issues 700 shares of $10 par value preferred stock for $11 per share.

October 1: Declares a cash dividend of $0.70 per share to all stockholders of record (both common and preferred) on October 15.

October 15: Date of record

October 31: Pays the cash dividend declared on October 1

Required:

Record each of these transactions. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

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******** :DateGeneral JournalDebitCredit1-FebCash68600Common stock6860015-MayCash7700Preferred ******************* ********************************************* payable392015-OctNo ******* ***** ********************** *******************

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