Problem 10.6A (Algo) Record equity transactions and prepare the stockholders' equity section ( LO 102,103,104,105,107) (The following information applies to the questions displayed below) Tennis Apparel has two classes of stock authorized 4%,$10 par preferted, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of operations: January 2 Is sue 120,900 shares of comon stock for $50 per share. Februacy 14 is sue 40,000 shares of preferred stock for 513 per thare. May 8 porchase 12 , bee shares of 14 oam comsn stock for 540 per sthareMay 31 Rese11 6,99 es stiores of treasury stock for 345 per share. Decemben 1 peclare a cash dividend on its combon stock of $0.25 per share and a 516,000 (45 of par yalue) cash dividend on its preferred stock payable to all stockilders of recard on becenber 15. The dividend is payable on Decenber 30. (Hint: Dividends are net pald an treasury stock.) Decenber 30 pay the cash dividends declared on December: 1. Problem 10-6A (Algo) Part 1 Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Joumal Entry Requited" in the first account field.) Journal entry worksheet Record the issuance of 120,000 shares of common stock for $50 per share