Required information Problem 10-6A (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.] Little League 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: January 2 Issue 100,000 shares of connon stock for $63 per share. February 14 Issue 53,060 shares of preferred stock for $11 per share. May 8 Purchase 10,060 stares of its orn connon stock for $53 per share. May 31 Resel1 5,000 shares of treasury stock for $58 per share. Decenber- 1 Declare a cash dividend on its comeon stock of 50.65 per share and a $26,500 ( 5% of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15. The dividend is payable on Decenber 30 . (Hint: Oividends are not paid on treasury stock.) Decenber 30 Pay the cash dividends declared on Deceaber 1 . oblem 10-6A (Algo) Part 1 quired: Record each of these transactions. (If no entry is required for a transoction/event, select "No Journal Entry Required" in the first count field.)