Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders ity section (LO10-2, 103,104,105,107) [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value com: 2. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of connon stock for $60 ner share. February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own comon stock for $50 per share. May 31 Resel1 5,000 shares of treasury stock for $55 per share. December 1 Declare a cash dividend on its coenon stock of $0.50 per share and a $25,000(5 of par value) cash dividend on its preferred stock payable to all stockholders of recond on Decenter. 15. The dividend is nayable on Decenber 30. (Hint: Dividends are not paid on treasury stock.) Decenber 30 Pay the cash dividends declared on Deceeber 1. Journal entry worksheet 1 23 Record the declaration of a cash dividend on its common stock of $0.50 per share and a $25,000 ( 5% 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