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 $70 per share. February 14 Issue 69,0e shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $60 per share. May 31 Resell 5,500 shares of treasury stock for $65 per share. Decenber 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,009(65 of par value) cash dividend on its preferred stock payable to oll stockholders of record on Decenber 15. The dividend is payable an December 3e. (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 transaction/event, select "No Journal Entry Required" in account field.) Journal entry worksheet 67 Record the issuance of 60,000 shares of preferred stock for $12 per share. Notes Enter debits before credits. Journal entry worksheet Record the purchase of 11,000 shares of its own common stock for $60 per share. Note: Enter debits before credits. Record the resell of 5,500 shares of treasury stock for $65 per share. Note: Enter debits before credits. Record the declaration of a cash dividend on its common stock of $0.25 per share and a $36,000 ( 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. Record the declaration of a cash dividend payable to stockholders of record on December 15. Note: Enter debits before credits. Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits