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Problem $10-6$A $($Algo$)$ Record equity transactions and prepare the stockholders' equity section $($LO$10-2,10-3,10-4,10-5,10-7$

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Little League Apparel has two classes of stock authorized: $5\%,$$$10$ par preferred, and $$1$ par value common. The following transactions affect stockholders' equity during $2024,$ its first year of operations:

January $2$ Issue $100,000$ shares of common stock for $$66$ per share.

February $14$ Issue $56,000$ shares of preferred stock for $$11$ per share.

May $8$ Purchase $10,000$ shares of its own common stock for $$56$ per share.

May $31$ Resell $5,000$ shares of treasury stock for $$61$ per share.

December $1$ Declare a cash dividend on its common stock of $$0\mathrm{.}45$ per share and a $$28,000(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 $1.$

Problem $10-6$A $($Algo$)$ Part $1$

Required:

Record each of these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first occount field.$)$