LO 5 10 points eBook Required information [The following information applies to the questions displayed below.] Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 120,000 shares of common stock for $68 per share. February 14 Issue 58,000 shares of preferred stock for $13 per share. May Print May References 8 Purchase 12,000 shares of its own common stock for $58 per share. 31 Resell 6,000 shares of treasury stock for $63 per share. December 1 Declare a cash dividend on its common stock of $0.35 per share and a $23,200 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 38. (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 particular transaction, select "No Journal Entry Required" in the first account field.) Mc Graw View transaction list View journal entry worksheet No. Date 1 January 02, 2021 Cash General Journal Debit Credit 8,160,000 Common Stock Additional Paid-In Capital 120,000 8,040,000 2 February 14, 2021 Cash Preferred Stock Additional Paid-in Capital 3 May 08, 2021 Treasury Stock Cash Prev 5 of 5 Next 754,000 696,000 696,000 Check my work Mc Graw 10 5 Required information points look Print 10 References View transaction list View journal entry worksheet No 1 Date January 02, 2021 Cash General Journal Debit 8,160,000 Common Stock Additional Paid-In Capital 2 February 14, 20211 Cash Preferred Stock Additional Paid-In Capital 3 May 08, 2021 Treasury Stock Cash 4 May 31, 2021 Cash Treasury Stock Additional Paid-in Capital December 01. 5 Dividends 2021 Dividends Payable December 15, No Joumal Entry Required 2021 December 30, 7 Dividends Payable 2021 Cash < Prev 5. | 5 Next 754,000 Credit 120,000 8,040,000 696,000 696,000 378,000 348,000 30,000 Check my work