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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 2015, its first year of operations:

January 2 Issue 120,000 shares of common stock for $68 per share.

February 14 Issue 58,000 shares of preferred stock for $13 per share.

May 8 Repurchase 12,000 shares of its own common stock for $58 per share.

May 31 Reissue 6,000 shares of treasury stock for $63 per share.

December 1 Declare a cash dividend on its common stock of $0.35 per share and a $23,200 (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.

Record each of these transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)