Required information Problem 10-6A (Algo) 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.] Golf 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 $58 per share. February 14 Issue 48,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $48 per share. May 31 Resell 5,000 shares of treasury stock for $53 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 ( 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 10-6A (Algo) 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 48,000 shares of preferred stock for $11 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 10,000 shares of its own common stock for $48 per share. Note: Enter debits before credits. Journal entry worksheet 7 Record the resale of 5,000 shares of treasury stock for $53 per share. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry on December 15, the date of record. Note: Enter debits before credits. Journal entry worksheet 1 4 5 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits