Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 6\%, \$10 par preferred, and \$1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $44 per share. May 31 Resell 5,500 shares of treasury stock for $49 per share. December 1 Declare a cash dividend on 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 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. Problem 10-6A (Algo) Part 1 Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & & & Debit & Credit \\ \hline \multirow[t]{3}{*}{1} & January 02, 2024 & Common Stock & x & 5,940,000 & \\ \hline & & Cash & x & & 5,940,000 \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{2} & February 14,2024 & Preferred Stock & x & 528,000 & \\ \hline & & Cash & x & & 528,000 \\ \hline & & & x & & x \\ \hline \multirow[t]{2}{*}{3} & May 08, 2024 & Treasury Stock & 2 & 484,000 & \\ \hline & & Cash & & & 484,000 \\ \hline \multirow[t]{3}{*}{4} & May 31, 2024 & Cash & 2 & 269,500 & \\ \hline & & Treasury Stock & 2 & & 269,500 \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{5} & December 01, 202 & Retained Earnings & x & 49,500 & \\ \hline & & Dividends Payable & 2 & & 49,500 \\ \hline \multirow[t]{2}{*}{6} & December 15, 202 & Dividends & x & 26,400 & \\ \hline & & Dividends Payable & & & 26,400 \\ \hline \multirow[t]{2}{*}{7} & December 30, 202 & Dividends Payable & & 49,500 & \\ \hline & & Cash & & & 49,500 \\ \hline \end{tabular}