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Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (L010-2, 10-3, 10. 4, 105, 10-7) The following information applies to the

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Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (L010-2, 10-3, 10. 4, 105, 10-7) The following information applies to the questions displayed below.) Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $57 per share. February 14 Issue 47,000 shares of preferred stock for $12 per share. Purchase 11,000 shares of its own common stock for $47 per share. May 31 Rosell 5,500 shares of treasury stook for 52 per share. December 1 Declare a cash dividend on its common stock of 30.65 per share and a $28,200 (68 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 Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required in the first account field.) Answer is not complete. No Date General Journal Credit Debit 6,270,000 January 02, 2021 Cash Common Stock Additional Paid-In Capital 110,000 6,160,000 2 564,000 February 14, 2021 Cash Preferred Stock Additional Paid-In Capital 470,000 94,000 3 May 08, 2021 Treasury Stock Cash May 31, 2021 Cash Treasury Stock Additional Paid-in Capital 5 December 01, 202 Dividends Dividends Payable December 15, 202 No Journal Entry Required Problem 10-6A Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net Income for the year was $477,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity Preferred Stock Common Stock Additional Paid-in Capital Total Paid in Capital Retained Earnings Treasury Stock Total Stockholders' Equity

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