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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: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,800 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $44 per share. May 31 Resell 5,500 shares of treasury stock for $49 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $26,400 (64 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. 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.) Journal entry worksheet Record the issuance of 110,000 shares of common stock for $54 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2021 Record entry clear entry View general journal Journal entry worksheet ces Record the issuance of 44,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. General Journal Debit Credit Date February 14, 2021 Record entry Clear entry View general journal Journal entry worksheet 6

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