part 1 and 2

Required Information [The following information applies to the questions displayed below) 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 of operations January 2 Issue 110, eee shares of common stock for $57 per share. February 14 Issue 47,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $47 per share. May 31 Resell 5,5ee shares of treasury stock for $52 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $28,200 (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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net Income for the year was $477,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity Total Paid in Capital 0 Total Stockholders' Equity 5 0 Required information [The following information applies to the questions displayed below] 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 of operations January 2 Issue 11e,eee shares of common stock for $57 per share February 14 Issue 47,000 shares of preferred stock for $12 per share. May & Purchase 11,000 shares of its own common stock for $47 per share. May 31 Resell 5,500 shares of treasury stock for $52 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $28,200 (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 3e. (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 View journal entry worksheet No Date Debit Credit 1 General Journal January 02, 2021 Cash Common Stock Additional Paid-in Capital 7.700 000 110 000 7,590.000 2 720.000 February 14, 2021 Cash Preferred Stock Additional Paid In Capital 600.000 120.000 2 3 May 08, 2021 Treasury Stock Cash 560,000 66,000 4 May 31, 2021 357,500 Cash Treasury Stock Additional Paid-in Capital 330 000 27.500 5 December 01 2021 Dividends Dividends Payable 52 125 82.125 December 15, 2021 No Journal Entry Required No Journal Entry Required December 30