May Major League Apparel has two classes of stock authorized: 5%, $10 pan 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 $58 per share. February 14 Issue 48,000 shares of preferred stock for 511 per share. 8 Purchase 10,000 shares of its own common stock for $48 per share. May 31 Resell 5,000 shares of treasury stock for $53 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (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. sired: cord each of these transactions. (If no entry is required for a particular saction, select "No Journal Entry Required" in the first account field.) ew transaction list Journal entry worksheet Record the issuance of 48,000 shares of preferred stock for $11 per share. Note: Enter debits before credits. General Journal Debit Credit Date February 14, 2021 Record entry Clear entry View general journal References Journal entry worksheet Record the resell of 5,000 shares of treasury stock for $53 per share. Note: Enter debits before credits. Date General Journal Debit Credit May 31, 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 Date December 15, 2021 Debit Credit Record entry Clear entry View general journal Journal entry worksheet