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 $51 per share. February 14 Issue 41,000 shares of proferred stock for $12 por share. May Purchase 11.000 shares of its own common stock for $41 per share. May 31 Resell 5,500 shares of treasury stock for $46 per share. December 1 Declare a canh dividend on its common stock of $0.30 por share and a 524.600 (61 of par value) cash dividend on Ite preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 20. (Hint: Dividende are not paid on trasury 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.) Required information View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the issuance of 110,000 shares of common stock for $51 per share. Note: Enter debits before credits Dobit General Journal Date Credit January 02, 2021 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 2 3 4 LAR 5 6 CO 7 Record the declaration of a cash dividend on its common stock of $0.30 per share and a $24,600 (6% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits General Journal Debit Credit Date December 01, 2021 Record entry Clear entry View general Journal View transaction list Journal entry worksheet ALS 1 2 > 3 5 7 16 Record the declaration of a cash dividend payable to stockholders of record on December 15. Note: Enter debits before credits General Journal Debit Credit Date December 15, 2021 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits General Journal Debit Credit Date December 30, 2021 Record entry Clear entry Vlow general Journal O 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 $51 per share. February 14 Tasse 41,000 shares of preferred stock for $12 per share. May & Purchase 11.000 shares of its own common stock for $41 per share. May 31 Revell 5,500 shares of treasury stock for $46 per share. December 1 Declare a cash dividend on its common stock of $0.30 per share and a $24, 600 (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 toek.) December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $471,000. (Amounts to be deducted should be Indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $471,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid in Capital Total Stockholders' Equity