Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (L010-2, 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 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $64 per share. February 14 Issue 54,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $54 per share. May 31 Resell 5,500 shares of treasury stock for $59 per share. December 1 Declare a cash dividend on its common stock of $0.70 per share and a $32,400 (68 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 Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of 110,000 shares of common stock for $64 per share. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2021 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 7 > Record the issuance of 54,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. General Journal Debit Credit Date February 14, 2021 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 6 7 > Record the purchase of 11,000 shares of its own common stock for $54 per share. Note: Enter debits before credits. General Journal Debit Credit Date May 08, 2021 Record entry Clear entry View general Journal Journal entry worksheet Record the declaration of a cash dividend payable to stockholders of record on December 15. Note: Enter debits before credits. General Journal Debit Credit Date December 15, 2021 Record entry Clear entry View general Journal Journal entry worksheet