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undefined Required information [The following information applies to the questions displayed below.] Major League Apparel has two classes of stock authorized: 6%, $10 par preferred,
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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: May January 2 Issue 110,000 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $57 per share. 31 Resell 5,500 shares of treasury stock for $62 per share. December 1 Declare a cash dividend on its common stock of $0.40 per share and a $34,200 (6% 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: To find the total dividends declared, find the amount of common divideends and add to the amount given for preferred dividends. Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1Step by Step Solution
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