Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2015, its first year of operations:

Record each entry

January	2	Issue 110,000 shares of common stock for $70 per share.
February	14	Issue 60,000 shares of preferred stock for $12 per share.
May	8	Repurchase 11,000 shares of its own common stock for $60 per share.
May	31	Reissue 5,500 shares of treasury stock for $65 per share.
December	1	Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% 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.

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