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 $55 per share. February 14 ISsue 45,000 shares of preferred stock for $11 per share May May December 8 Purchase 10,000 shares of its own common stock for $45 per share. 31 Resell 5,000 shares of treasury stock for $50 per share. 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (58 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. oblem 10-6A Part 1 equired: Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in t rst account field.) View transaction list Journal entry worksheet