Required information [The following information applies to the questions displayed below.) Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 In E 100,000 shares of common stock for $52 per share. February 14 Issue 42,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $42 per share. May 31 Resell 5,000 shares of treasury stock for $47 per share. December 1 Declare a canh dividend on its common stock of $0.35 per share and a $21,000 (56 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.) No Credit 1 Answer is complete but not entirely correct. Date General Journal Debit January 02, 2021 Cash 5,200,000 Common Stock Additional Paid-In Capital O 100,000 5,100,000 2 February 14, 2021 Cash Proferred Stock 462,000 420,000 Required information No Deblt Credit 1 5,200,000 Date Gonoral Journal January 02, 2021 Cash Common Stock Additional Paid-In Capital >>> 100,000 5,100,000 2 462,000 February 14, 2021 Cash Preferred Stock Additional Paid-In Capital OOO 420,000 42,000 3 May 08, 2021 Treasury Stock Cash 420,000 420,000 4 May 31, 2021 435,000 > Cash Treasury Stock Additional Paid-In Capital O 210,000 25,000 5 > December 01, 202 Dividends Dividends Payable 54,250 54,250 6 December 15, 202 Dividends Payable Cash 54,260 x 3