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 $52 per share February 14 Issue 42,000 shares of preferred stock for $11 per share. May B 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 $21, 900 (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. (Hant: Dividends are not paid on treasury stock December 30 Pay the cash dividends declared on December 1 Problem 10-6A Part 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) View transaction in Journal entry worksheet 2 3 7