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Required information [The following information applies to the questions displayed below.] Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue 52,000 shares of preferred stock for $13 per share. 8Purchase 12,000 shares of its own common stock for $52 per share. 31 Resell 6,000 shares of treasury stock for $57 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $20,800 (48 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. May May

1 / / No 1 2 3 4 5 6 7 Date January 02, 2021 Cash February 14, 2021 Cash May 08, 2021 May 31, 2021 December 01, 2021 December 15, 2021 Common Stock Additional Paid-In Capital December 30, 2021 Preferred Stock Additional Paid-In Capital Treasury Stock Cash Cash Treasury Stock Additional Paid-In Capital Dividends Dividends Payable No Journal Entry Required Dividends Payable Cash General Journal 4 Debit Credit *******