Record the issuance of 45,000 shares of preferred stock for $11 per share.
Record the purchase of 10,000 shares of its own common stock for $45 per share.
Record the resale of 5,000 shares of treasury stock for $50 per share.
Record the declaration of a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
Record the entry on December 15, the date of record.
Record the payment of the cash dividends declared on December 1.