! 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 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $61 per share. February 14 Issue 51,000 shares of preferred stock for $12 per share. May May 8 Purchase 11,000 shares of its own common stock for $51 per share. 31 Resell 5,500 shares of treasury stock for $56 per share. December 1 Declare a cash dividend on its common stock of $0.55 per share and a $30,600 (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 particular transaction, select "No Journal Entry Required" in the first account field.)