Check my work 7 Required information Part 1 of 2 > 1 11.11 points Record the issuance of 110,000 shares of common stock for $70 per share. share. 2 Record the issuance of 60,000 shares of preferred stock for $12 per share. eBook References 3 Record the purchase of 11,000 shares of its own common stock for $60 per share. Credit 4 Record the resell of 5,500 shares of treasury stock for $65 per share. 5 Record the declaration of a cash dividend on its common stock of $0.25 per share and a $36,000 (6% of par value) cash dividend on its preferred stock payable to all Note : = journal entry has been entered Record entry Clear entry View general journal Check my work 7 Required information (The following information applies to the questions displayed below. Part 1 of 2 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: 11.11 points eBook References January 2 Issue 110,000 shares of common stock for $70 per share. February 14 Issue 60,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $60 per share. May 31 Resell 5,500 shares of treasury stock for $65 per share. December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (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 transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list