0 Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (L010-2, 10-3, 10- 4, 10-5, 10-7) [The following information applies to the questions displayed below.) Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Tone 110,000 shares of common stock for $67 per share. February 14 tase 57,000 shares of preferred took for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $57 per share May 31 Resell 5,500 shares of treasury stock for $62 per share. December 1 Declare a cash dividend on its common stock of $0.40 per share and a $34,200 (61 of par value) cash dividend on its preferred stock payable all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 5 6 7 3 4 > Record the purchase of 11,000 shares of its own common stock for $57 per share. Note: Enter debits before credits General Journal Debit Credit Date May 08, 2021 Record entry Clear entry View general Journal Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the resell of 5,500 shares of treasury stock for $62 per share. Note: Enter debits before credits General Journal Debit Credit Date May 31, 2021 Record entry Clear entry View general journal Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the declaration of a cash dividend on its common stock of $0.40 per share and a $34,200 (6% 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.) Note: Enter debits before credits. General Journal Debit Credit Date December 01, 2021 Record entry Clear entry View general Journal Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > Record the declaration of a cash dividend payable to stockholders of record on December 15 Note: Enter debits before credits General Journal Debit Credit Date December 15, 2021 Record entry Clear entry View general journal Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Problem 10-6A Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $487,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity