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Required Information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) The following information applies to the questions displayed below) Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and 51 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: * To 120,000 shares of common stock for $50 per share. February 14 e 40,000 shares of preferred stock for $!) per share. HAY Pehare 12,000 shares of its own common stock for 40 per share. Hay 3 Resell 6,000 shares of try steek for $45 per here. December Declare a cash dividend on its common steek of 0.25 per share and a $16.000 (of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. HALI Dividends are not paid on try stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 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.) View journal entry worksheet No 1 Debit Credit IN General Journal January 02, 2021 Cash Common Stock Additional Paid in Capital 6.000.000 120,000 480,000 2 520.000 February 14, 2021 Cash Preferred Stock Additional Paid in Capital 400,000 120,000 IN May 01, 2021 Treasury Stock Cash 480,000 480,000 IN 4 May 11, 2021 270.000 Treasury Soo Ana Pidin Capital 20.000 30.000 5 December 01 2021 Dividende Dividends Payable 5 IN December 15 2021 Ne Journal Enby Reed 7 December 30, 2001 Oliviends Paul Cash