Italian Stallion has the following transactions during the year related to stockholders’ equity.
February 1 Issues 4,500 shares of no-par common stock for $15 per share.
May 15 Issues 800 shares of $10 par value, 5% preferred stock for $12 per share.
October 1 Declares a cash dividend of $0.50 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 particular transaction/event, select "No Journal Entry Required" in the first account field.)
