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 $66 per share. February 14 Issue 56,eee shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $56 per share. May 31 Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $28,000 (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 3e 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.) View transaction list Journal entry worksheet 1 2 6 7 Record the issuance of 100,000 shares of common stock for $66 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2021 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 1ee, eee shares of common stock for $66 per share. February 14 Issue 56,eee shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $56 per share. May 31 Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $28,eee (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 3e 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the issuance of 56,000 shares of preferred stock for $11 per share. Note: Enter debits before credits. General Journal Debit Credit Date February 14, 2021 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 $66 per share. February 14 Issue 56,000 shares of preferred stock for $11 per share. May 8 Purchase 10, eee shares of its own common stock for $56 per share. May 31 Resell 5, eee shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share ahd a $28,000 (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. 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 list Journal entry worksheet 1 2 3 4 5 6 7 Record the purchase of 10,000 shares of its own common stock for $56 per share. Note: Enter debits before credits General Journal Debit Credit Date May 08, 2021 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 1ee, eee shares of common stock for $66 per share. February 14 Issue 56,eee shares of preferred stock for $11 per share. May 8 Purchase 10,eee shares of its own common stock for $56 per share. May 31 Resell 5,eee shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $28,eee (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 3e. (Hint: Dividends are not paid on treasury stock.) December 3e Pay the cash dividends declared on December 1. equired: Record each of these transactions. (if no entry is required for a particular transaction, select "No Journal Entry Required" in the rst account field.) View transaction list Journal entry worksheet