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 $56 per share.
February		14		Issue 46,000 shares of preferred stock for $13 per share.
May		8		Purchase 12,000 shares of its own common stock for $46 per share.
May		31		Resell 6,000 shares of treasury stock for $51 per share.
December		1		Declare a cash dividend on its common stock of $0.70 per share and a $18,400 (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 30. (Hint: Dividends are not paid on treasury stock.)
December		30		Pay the cash dividends declared on December 1.

1.Record the issuance of 120,000 shares of common stock for $56 per share.

Record the issuance of 46,000 shares of preferred stock for $13 per share.

Record the purchase of 12,000 shares of its own common stock for $46 per share.

Record the resell of 6,000 shares of treasury stock for $51 per share.

Record the declaration of a cash dividend on its common stock of $0.70 per share and a $18,400 (4% 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.)

Record the declaration of a cash dividend payable to stockholders of record on December 15.

Record the payment of the cash dividends declared on December 1.