Saved Hel 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 $56 per share. February 14 Issue 46,000 shares of preferred stock for $13 per share. May Purchase 12,000 shares of its own common stock for $46 per share. May 31 Resell 6,000 shares of treasury stock for $51 per share. December 1 Declare a cash dividend on its common stock of $0.70 per share and a $18.400 (41 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. (Minti 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.) Required information View transaction ist View journal entry worksheet No Debit Credit 1 Dato General Journal January 02, 2021 Cash Common Stock Additional Paid-In Capital 2 February 14, 2021 Cash Preferred Stock Additional Paid-In Capital May 08, 2021 Treasury Stock Cash May 31, 2021 Cash Treasury Stock Additional Paid-in Capital December 01 2021 Dividends Dividends Payable December 15, 2021 No Journal Entry Required a December 30, 2021 Dividends Payable 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 $56 per share. February 14 Issue 46,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $46 per share. May 31 Resell 6,000 shares of treasury stock for $51 per share. December 1 Declare a cash dividend on its common stock of $0.70 per share and a $18,400 (48 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. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $476,000. Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Preferred Stock Common Stock Additional Paid-in Capital Total Pald-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity
