Partially answered Need help on 5, 6, 7.

Required information [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January2Issue100,000sharesofcommonstockfor$58pershare.February14Issue48,000sharesofpreferredstockfor$11pershare.May8May31December1Declareacashdividendonitscommonstockof$0.60pershareanda$24,000(58ofparvalue)December30PaythecashdividendsdeclaredonDecember1.Purchase10,000sharesofitsowncommonstockfor$48pershare.Resell5,000sharesoftreasurystockfor$53pershare.cashdividendonitspreferredstockpayabletoallstockholdersofrecordonDecember15.ThedividendispayableonDecember30.(Hint:Dividendsarenotpaidontreasurystock.) Required: Journal entry worksheet Record the declaration of 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. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet Record the entry on December 15 , the date of record. Note: Enter debits before credits. Journal entry worksheet Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits. View transaction list View journal entry worksheet