Barry, Hank, and Babe form a company named Long Ball Investments, hoping to find that elusive home run stock. A new clothing company by the name of Major League Apparel has caught their eye. Major League Apparel has two classes of stock authorized: 5 % , $10 par preferred and $1 par value common. Long Ball Investments has the following transactions during the year None of the investments are large enough to exert a significant influence January 2 Purchase 1,500 shares of Major League common stock for $61 per share. February 14 Purchase 600 shares of Major League preferred stock for $11.10 per share. May 15 Sell 300 shares of Major League's common stock for $53 per share. December 30 Receive a cash dividend on Major League's common stock of $0.41 per share and preferred stock of $0.51 per share. December 31 The fair values of the common and preferred shares are $63.10 and $12.20, respectively Required: 1. Record each of these investment transactions. (Hint: Preferred stock transactions are recorded like common stock transactions, but preferred stock has no voting rights and therefore ownership provides no influence.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the purchase of common stock Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general journal December 30 Receive a cash dividend on Major League's common stock of $0.41 per share and prefe December 31 The fair values of the common and preferred shares are $63.10 and $12.20, respectively Required: 1. Record each of these investment transactions. (Hint: Preferred stock transactions are recorded like c ownership provides no influence.) (If no entry is required for a transaction/event, select "No journal View transaction list Journal entry worksheet 4 5 6 1 2 Record the purchase of common stock. Note: Enter debits before credits Credit Debit Date General Journal January 02 View general journal Clear entry Record entry ember 30 Receive a cash dividend on Major League's common stock of $0.41 per share and p ember 31 The fair values of the common and preferred shares are $63.10 and $12.20, respect uired: ecord each of these investment transactions. (Hint: Preferred stock transactions are recorded li- ership provides no influence.) (If no entry is required for a transaction/event, select "No jou View transaction list Journal entry worksheet