Problem 10-6A (Static) 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 2024 , its first year of operations: January2February14May8May31December1December30PaythecashdividendsdeclaredonDecember1.Issue110,000sharesofcommonstockfor$70pershare.Issue60,000sharesofpreferredstockfor$12pershare.Purchase11,000sharesofitsowncommonstockfor$60pershare.Resell5,500sharesoftreasurystockfor$65pershare.Declareacashdividendonitscommonstockof$0.25pershareanda$36,000(6%ofparvalue)cashdividendonitspreferredstockpayabletoallstockholdersofrecordonDecember15.ThedividendispayableonDecember30.(Hint:Dividendsarenotpaidontreasurystock.) Problem 10-6a (Static) Part 1 Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 7 Record the issuance of 110,000 shares of common stock for $70 per share. Note: Enter debits before credits. Journal entry worksheet 7 Record the issuance of 60,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 11,000 shares of its own common stock for $60 per share. Note: Enter debits before credits. Journal entry worksheet Record the resale of 5,500 shares of treasury stock for $65 per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend on its common stock of $0.25 per share and a $36,000 (6\% 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.) Note: Enter debits before credits. Journal entry worksheet $490,000. (Amounts to be deducted should be indicated by a minus sign.)