Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 100,000 shares of common stock for $58 per share. February 14 Issue 48,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $48 per share. May 31 Resell 5,000 shares of treasury stock for $53 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (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. 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.) Answer is not complete. No Date General Journal Debit Credit 1 January 02, 2021 Cash 5,800,000 Common Stock 100,000 5,700,000 Additional Paid-In Capital 2 528,000 February 14, 2021 Cash Preferred Stock Additional Paid-In Capital O 480,000 48,000 3 May 08, 2021 480,000 Treasury Stock Cash olo 480,000 4 May 31, 2021 265,000 Cash Treasury Stock Additional Paid-In Capital Ololol 240,000 25,000 5 December 01, 202 81,000 Dividends Payable 81,000 6 December 15, 202 No Transaction Recorded 7 81,000 December 30, 202 Dividends Payable Cash UU 81,000 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $478,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Common Stock $ 100,000 480,000 Preferred Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock 580,000 397,000 Total Stockholders' Equity $ 977,000