Required information Problem 10-6A 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] Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 120,000 shares of common stock for $59 per share.. February 14 Issue 49,000 shares of preferred stock for $13 per share. May May 8 Purchase 12,000 shares of its own common stock for $49 per share. 31 Resell 6,000 shares of treasury stock for $54 per share. December 1 Declare a cash dividend on its common stock of $0.55 per share and a $19, 600 (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: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 1