Problem 106A(Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2. 103,104,105,107) [The following information applies to the questions displayed below.] Littie League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following trantactions affect stockholders' equity during 2024, its first year of operations: Janiany 2 Issue 116 , ase shares of comon stock for $54 per share. February 14 Issue 44 , 6ee shares of preterred steck for $12 per share. May 8 Purchase 11,000 shares of its own connon stock for 344 per share. May 31 Pusetl 3,500 shares of treasury stock for 549 per share. December 1 Declare a cosh dividend on its comon stock of 10.45 per share and a 526,408(65 of par valuel. cash dividend on its preferred stoek payable to all stockhotders of record on Decenber 15. The dividend is payable on December 3e. (itint: Dividends are not paid on treasury stock.) Decenter 30 Pay the cash dividends deciared on Decenber. 1. Journal entry worksheet Record the issuance of 110,000 shares of common stock for $54 per share. Note: Enter debits before credits. Journal entry worksheet 567 Record the issuance of 44,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. Journal entry worksheet (1) 567 Record the purchase of 11,000 shares of its own common stock for $44 per share. Note: Enter debits before credits. Journal entry worksheet 1 (2.) 7 Record the resale of 5,500 shares of treasury stock for $49 per share. Notet Enter debits before credits. Journal entry worksheet 1 (2.) 3 Record the declaration of a cash dividend oh its common stock of $0.45 per share and a $26,400 ( 6% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Divideads are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet 1 2 3 4. 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