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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.

Have a few following journal transactions - please show work and explain!!

FEB 14 - Record the issuance of 53,000 shares of preferred stock for $11 per share.

MAY 31 - Record the resell of 5,000 shares of treasury stock for $58 per share.

DEC 1 - Record the declaration of a cash dividend on its common stock of $0.65 per share and a $26,500 (5% 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.

Required information [The following information applies to the questions displayed below.] 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 $63 per share. February 14 Issue 53,000 shares of preferred stock for $11 per share. May 8Purchase 10,000 shares of its own common stock for $53 per share. May 31 Resell 5,000 shares of treasury stock for $58 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $26,500 (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

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