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 Issue 100,000 shares of common stock for $66 per share. February 14 Issue 56,060 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $56 per share. 31 Resell 5,000 shares of treasury stock for $61 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $28,008 (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. May 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 that Journal entry worksheet 7 Required information View transaction list Part 1 of 2 Journal entry worksheet 8 points 5 6 7 04:11:46 Record the declaration of a cash dividend on its common stock of $0.45 per share and a $28,000 (5% 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.) Notel Enter debits before credits ebook Pin References Debit Credit Date General Journal December 01, 2021 Dividends Dividends Payable Record entry Clear entry View general journal 7 Required information View transaction list Part 1 of 2 Journal entry worksheet 8 points