! Required information [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 2024, its first year of operations: January 2 Issue 110,000 shares of common stock for $70 per share. February 14 Issue 60,000 shares of preferred stock for $12 per share. May 8 May 31 December 1 Purchase 11,000 shares of its own common stock for $60 per share. Resell 5,500 shares of treasury stock for $65 per share. Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (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. 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.) View transaction list Journal entry worksheet < 5 Record the declaration of a cash dividend on its common stock of $0.25 per View transaction list Journal entry worksheet < 2 3 5 7 Record the declaration of a cash dividend on its common stock of $0.25 per share and a $36,000 (6% 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. Date December 01, 2024 Dividends General Journal Dividends Payable Debit Credit View general journal Clear entry Record entry View transaction list Journal entry worksheet < 2 3 6 7 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits. Date General Journal Debit Credit December 30, 2024 Dividends Payable Cash View general journal Record entry Clear entry