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 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations January 2 issue 10 000 shares of common stock for $70 per share February 14 sue 60.000 shares of preferred stock for 512 per share May 8 Repurchase 1000 shares of its own common stock for $60 per share May 31 Reissue 5.500 shares of treasury stock for $65 per share December Declare a cash dividend on its common stock of $0 25 per share and a $36,000 16% of par Values cash dividend on its preferred stock payable to all stockholders of record on December 15 The dividend is payable on December 30 (Hot Dividends are not paid on treasury stock) December 30 Pay the cash dividends declared on December References Section Break Journal entry worksheet 6 0 0 Reissue 5,500 shares of treasury stock for $65 per share. Note: Enter debits before credits. Credit Date May 31, 2018 Debit 357,500 General Journal Cash Treasury stock Additional paid-in capital Record entry Clear entry View general journal View transaction list Journal entry worksheet Ko O O O O O Record the declaration of cash dividends. Note: Enter debits before credits. Debit Credit Date General Journal December 01, 2018 Dividends Dividends payable Record entry Clear entry Valiu general journal View transaction list Journal entry worksheet