Required information [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. February 14 Issue 45,000 shares of preferred atook for $11 per share. May 8 Purchase 10,000 sharel of its own comnon stock for $45 per share. May 31 Renell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 ( 5 pe par value) cash dividend on its preferred stock payable to a11 stockholders of record on December 15. The dividend in payable on December 30. (Hints Dividends are not paid on treasury stoek.) December 30 Pay the cash dividenda 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.)