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 common stock for $60 per share. Tebruary 14 issue 50,000 thares of preferred stock for $11 per share. May 8 purehase 10,000 shares of ita own conmon stock for $50 per thare. Mny 31 Resel1 5,000 shares of treasury stock for $55 per share. Decenber 1 Deolare a cash dividend on its common stook of 50,50 per share and a $25,000 (5t of par value) cash dividend on its preferred stoek payable to all stockholders of record on Deceaber 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 pay the cash dividendn declared on December 1