Required information The following information applies to the questions displayed below.] Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations January 2 Issue 120,000 shares of common stock for $50 per share. February 14 Issue 40,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $40 per share. May 31 Resell 6,000 shares of treasury stock for $45 per share. 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% 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. 1 Record the issuance of 120,000 shares of common stock for $50 per share. 2 Record the issuance of 40,000 shares of preferred stock for $13 per share. Record the purchase of 12,000 shares of its own common stock for $40 per share. Record the resell of 6,000 shares of treasury stock for $45 per share. Record the declaration of a cash dividend on its common stock of $0.25 per share and a $16,000 (4% 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.) Record the entry on December 15. Record the cash dividends declared on December 1