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 $57 per share. February 14 Issue 47,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $47 per share. May 31 Resell 5,500 shares of treasury stock for $52 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $28,200 (68 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.) View transaction list View Journal entry worksheet No Date General Journal Debit Credit View transaction list View journal entry worksheet X No Debit Credit 1 6,270,000 Date General Journal January 02, 2021 Cash Common Stock Additional Paid-In Capital 110,000 6,160,000 2 564,000 February 14, 2021 Cash Preferred Stock Additional Paid-In Capital 470,000 94.000 3 May 08, 2021 517.000 Treasury Stock Cash 517,000 4 May 31, 2021 286,000 Cash Treasury Stock Additional Paid-in Capital 5 December 01, 2021 Dividends Dividends Payable Required information AU na Pag-in Capital O, TOUUUU 2 564,000 February 14, 2021 Cash Preferred Stock Additional Paid-in Capital 470,000 94,000 3 May 08, 2021 Treasury Stock Cash 517,000 517,000 4 May 31, 2021 286,000 Cash Treasury Stock Additional Paid In Capital 5 December 01 2021 Dividends Dividends Payable 6 December 15 2021 No Journal Entry Required 7 December 30, 2021 Dividends Payable Cash