Check m Check Required information [The following information applies to the questions displayed below: Major League Apparel has two classes of stock authorized: 5%, 510 par preferred, and S1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations January 2 Issue 100,000 shares of common stock for $5 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share May 8 Purchase 10,000 shares of its own common stock for $45 per share. 31 Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5X 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. nces May 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.) Record the issuance of 100,000 shares of common stock for $55 per share. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2021 Record entry Clear entry View general journal