! 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 $70 per share. February 14 Issue 60,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $60 per share. May 31 Resell 5,500 shares of treasury stock for $65 per share. December 1 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. Answer is complete but not entirely correct. No Credit Debit 7,700,000 1 Date General Journal January 02, 2021 Cash Common Stock Additional Paid-In Capital 110,000 7,590,000 2 720,000 February 14, 2021 Cash Preferred Stock Additional Paid-In Capital 600,000 120,000 3 May 08, 2021 660,000 Treasury Stock Cash 660,000 4 May 31, 2021 357,500 Cash Treasury Stock Additional Paid-In Capital 330,000 27,500 5 63,500 > December 01, 202 Dividends Dividends Payable 63,500 6 December 15, 202 No Journal Entry Required 7 63,500 December 30, 202 Dividends Payable Cash 63,500