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8 Required information [The following information applies to the questions displayed below) Part 1 of 2 15 points 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 $58 per share. February 14 Issue 48,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $48 per share. May 31 Resell 5,000 shares of treasury stock for $53 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (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. eBook Pent 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.) References See Chapter 10 - Homework 9 Required information The following information applies to the questions displayed below.) Part 2 of 2 15 0240 Major League Apparel has two classes of stock authorized 5% $10 per 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 $58 per share February 14 Issue 4,000 shares of preferred stock for 511 per share. Hay & Purchase 10,000 shares of its common stock for 48 per share. 31 Resell 5,000 shares of treasury stock for 553 per share. December 1 Declare a cash dividend on its common stock of 59.60 per share and $24,000 (of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 20. Olint: Dividends are not paid on treasury stock.) December 3 Pay the cash dividends declared on December 1 ay 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $478.000 (Amounts to be deducted should be indicated by a minus sign. MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Eny Sections

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