Required information [The following information applies to the questions displayed below.] Little League 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 $63 per share. February 14 Issue 53,000 shares of preferred stock for $11 per share. May 8 May 31 December 1 Purchase 10,000 shares of its own common stock for $53 per share. Resell 5,000 shares of treasury stock for $58 per share. Declare a cash dividend on its common stock of $0.65 per share and a $26,500 (5% 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.