Required information 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: January 2 Issue 110,000 shares of common stock for $70 per share. February 14 Issue 60,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $60 per share. May 31 Resell 5,500 shares of treasury stock for \$65 per share. 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. roblem 10-6A (Static) Part 1 equired: Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet 234567 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