15 Required information The following information applies to the questions displayed below) Part 1 of 2 eBook 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 Issue 110,000 shares of common stock for $51 per share. February 14 Issue 41,000 shares of preferred stock for $12 per share. May 8 Purchase 11,800 shares of its own common stock for $41 per share. May 31 Resell 5,500 shares of treasury stock for $46 per share. December 1 Declare a cash dividend on its common stock of $0.30 per share and a $24,600 (6% 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. 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 1 Record the issuance of 110,000 shares of common stock for $51 per share, hare. ? Record the issuance of 41,000 shares of preferred stock for $12 per share. 3 Record the purchase of 11,000 shares of its own common stock for $41 per share. Crodit 4 Record the resell of 5,500 shares of treasury stock for $46 per share. 5 Record the declaration of a cash dividend on its common stock of $0.30 per share and a $24,600 (6% of par value) cash dividend on its preferred stock payable to all The Note: - Journal entry has been entered 15 Major League Apparei nos two classes of Stock authorizea: 6%, >10 par preferrea, and si par value common ine following transactions affect stockholders' equity during 2021, its first year of operations: Part 1 of 2 January 2 Issue 110,000 shares of common stock for $51 per share. February 14 Issue 41,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $41 per share. May 31 Resell 5,500 shares of treasury stock for $46 per share. December 1 Declare a cash dividend on its common stock of $0.30 per share and a $24,600 (68 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 Decenber 1. eBook 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 MU 4 Record the resell of 5,500 shares of treasury stock for $46 per share Share 5 Record the declaration of a cash dividend on its common stock of $0.30 per share and a $24,600 (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.) Credit 6 Record the declaration of a cash dividend payable to stockholders of record on December 15. 7 Record the payment of the cash dividends declared on December 1. Note: - Journal entry has been entered Record entry Clear entry View general Journal 16 Required information The following information applies to the questions displayed below) Part 2012 Book 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 Issue 110,000 shares of common stock for $51 per share. February 14 Issue 41,900 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own connon stock for $41 per share. May 31 Resell 5,500 shares of treasury stock for $46 per share. December 1 Declare a cash dividend on its connon stock of $0.3a per share and a $24,600 (6% 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. Wint: Dividends are not paid on treasury stock. December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net Income for the year was $471000. (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 Toll Stockholders Equity