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Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 103,104,105,107) [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 6%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, 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 11,000 shares of its oun common stock for $41 per share. May 31 esel1 5,500 shares of treasury stoek for $46 per share. Decenber 1 Deelare a cash dividend on itn common atoek of $0.30 per share and a 524,600(61 of par value) cash dividend on its preferred stoek payable to all stockholders of record on Deceaber 15. The dividend is payable on Decenber 30. (Mintt Dividendis are hot paid on treasury stock.) December 30 pay the cash dividenda deelared on Decesber 1. roblem 10-6A (Algo) Part 1 quired: Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet 567 Record the issuance of 41,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 110,000 shares of common stock for $51 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 11,000 shares of its own common stock for $41 per share. Note: Enter debits before credits. Journal entry worksheet 7 Record the resale of 5,500 shares of treasury stock for $46 per share. Note: Enter debits before credits. Journal entry worksheet 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.) Note: Enter debits before credits. Journal entry worksheet