This shows what it correct or incorrect for the work you have completed so far. It does not indicate completion Required information [The following information applies to the questions displayed below] Major League Apparel has two classes of stock authorized. 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, 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 May 8 Purchase 10,000 shares of its oun common stock for $48 per share. 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. 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.) Answer is complete but not entirely correct. No Date Linean.02.2021 Cash General Journal Debit Credit 5,500,000