Bay Meadows Corporation designs and produces a line of golf equipment and golf apparel. Bay Meadows has 100,000 shares of common stock outstanding as of the beginning of 2024. Bay Meadows has the following transactions affecting stockholders' equity in 2024.
March 1 Issues 56,000 additional shares of $1 par value common stock for $53 per share.
May 10 Purchases 5,100 shares of treasury stock for $56 per share.
June 1 Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.)
July 1 Pays the cash dividend declared on June 1.
October 21 Resells 2,550 shares of treasury stock purchased on May 10 for $61 per share.
