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
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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