1. Record each transaction

Major League Apparel has two classes of stock authorized: 496, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations: January 2 Issue 120,000 shares of common stock for $68 per share February 14 Issue 58,000 shares of preferred stock for $13 per share May 8 Repurchase 12,000 shares of its own common stock for $58 per share May 31 Reissue 6,000 shares of treasury stock for $63 per share December 1 Declare a cash dividend on its common stock of $0.35 per share and a $23,200 (4% of par value) cash dividend on its preferred stock payable to 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