Little League Apparel has two classes of stock authorized: 5%. $10 par preferred, and $1 par value common. The fontwing

transactions affect stockholders' equity during 2024, its first year of operations:

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 5%,$10 par preferred, and $1 par value common. The folbwing transactions affect stockholders' equity during 2024 , its first year of operations: Jonuary 2 issue 100,000 shares of coenon stock for 566 per stare. February 14 Issue 56,000 shares of prefocred stock for 511 per share. Hay s. Purchase 10,000 shares of Its oin combon stock for \$55 per share. Moy 31 Rese11 5,000 shares of treasury stock for $61 per share. Deceaber 1 Declare a cash dividend on its comon stock of 50,45 per share and a 525,000 (st of par value) cash divideed on tes preferred stock payable to oll stockholders of record on Decenber 15. The dividend is payable on Decesber 30. (Hinte Divideods are not pald on tressury stock.) Decesber 30 Doy the cash dividends declared on Deceaben 1. Problem 10.6A (Algo) Part 1 Required: 1. Recorc each of these transactions. (if no entry is required for o transection/event, select "No Joumal Entry Required" in the first occount field.) Journal entry worksheet 3 (4) (5) 7 Record the issuance of 100,000 shares of common stock for $66 per share. Note: Enter debita before credits. Journal entry worksheet Record the issuance of 56,000 shares of preferred stock for $11 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 10,000 shares of its own common stock for $56 per share. Note: Enter debits before credits. Journal entry worksheet 1 7 Record the resale of 5,000 shares of treasury stock for $61 per share, Notes Enter debits before creditsi Journal entry worksheet 1 2 3 7 Record the declaration of a cash dividend on its common stock of $0.45 per share and a $28,000 ( 5% 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 Record the entry on December 15 , the date of record. Note: Enter debits before credits. Journal entry worksheet Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits