Required information Problem 10.6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 103,104,105,107 ) [The following information applles to the questions displayed below] Tennis Apparel has two classes of stock authorized: 4%,$10 par preferred, and \$1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of comon stock for $50 per share. February 14 Issue 48 , 000 shares of preferred stock for $13 per share. May 8 Purchase 12 , 000 shares of its own conmon stock for s4e per share. May 31 Resel1 6 , eee shares of treasury stock for $45 por share. December 1 Declare a cash dividend on its comon stock of $0.25 per share and a $16, aee (4\& 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: Oividends are not paid on 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 Journal Entry Required" in the first. account field.) Journal entry worksheet (2) (3) (4) (5) 6 (7) > Record the issuance of 120,000 shares of common stock for $50 per share. Note: Enter debits before credits. Journal entry worksheet 4 (5) 6 7 Record the issuance of 40,000 shares of preferred stock for $13 per share. Note: Enter debits before credits. Journal entry worksheet 1 5 6 7 Record the purchase of 12,000 shares of its own common stock for $40 per share. Note: Enter debits before credits. Journal entry worksheet (1) 2 Record the resale of 6,000 shares of treasury stock for $45 per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend on its common stock of $0.25 per share and a $16,000 ( 4% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30 . (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet 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