Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of operations:

January 2	Issue 100,000 shares of common stock for $52 per share.
February 14	Issue 42,000 shares of preferred stock for $11 per share.
May 8	Purchase 10,000 shares of its own common stock for $42 per share.
May 31	Resell 5,000 shares of treasury stock for $47 per share.
December 1	Declare a cash dividend on its common stock of $0.35 per share and a $21,000 (5% 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.

Problem 10-6A (Algo) Part 1

Required: Record each of these transactions.