14 Required information The following information applies to the questions displayed below.) art 1 of 2 73 ents Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 por 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 $53 per share February 14 Issue 43,000 shares of preferred stock for $13 per share. May 8 Repurchase 12,000 shares of its own common stock for $43 per shore, May 31 Reissue 6.000 shares of treasury stock for $48 per share. December 1 Declare a cash dividend on its common stock of $0.40 per share and a $17.200 (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, ebook Print ferences 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 5 6 7 > Issue 120,000 shares of common stock for $53 per share, View transaction list Journal entry worksheet 7 2 3 4 5 1 6 7 Reissue 6,000 shares of treasury stock for $48 per share. Note: Enter debits before credits. General Journal Debit Credit Date May 31, 2018 Record entry Clear entry View general journal View transac Journal entry worksheet 5 6 7 3 4 5 7 6 6 6 7