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 2021, its first year operations: January 2 Issue 110,000 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $57 per share. 31 Resell 5,500 shares of treasury stock for $62 per share. December 1 Declare a cash dividend on its common stock of $0.40 per share and a $34,200 (68 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. May 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 es 1 2 3 4 5 6 7 Record the issuance of 110,000 shares of common stock for $67 per share. Natet Enter debits before credits General Journal Debit Credit Date January 02, 2021 Journal entry worksheet Record the issuance of 57,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 14, 2021 Record entry Clear entry View general journal Journal entry worksheet 2 4 5 6 7 Record the purchase of 11,000 shares of its own common stock for $57 per share. Note: Enter debits before credits. Date General Journal Debit Credit May 08, 2021 Record entry Clear entry View general journal Journal entry worksheet Record the declaration of a cash dividend payable to stockholders of record on December 15. Note: Enter debits before credits General Journal Debit Credit Date December 15, 2021 3 Record entry Clear entry View general journal View transaction list Journal entry worksheet