[The following information applies to the questions displayed below.] Major League Apparel has two classes of...

[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 2018, its first year of operations: January 2 Issue 120,000 shares of common stock for $59 per share. February 14 Issue 49,000 shares of preferred stock for $13 per share. May 8 Repurchase 12,000 shares of its own common stock for $49 per share. May 31 Reissue 6,000 shares of treasury stock for $54 per share. December 1 Declare a cash dividend on its common stock of $0.55 per share and a $19,600 (4% 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.RECORD TRANSACTIONS BELOW

1.Issue 120,000 shares of common stock for $59 per share.

2.issue 49,000 shares of preferred stock for $13 per share.

3.Repurchase 12,000 shares of its own common stock for $49 per share.

4.Reissue 6,000 shares of treasury stock for $54 per share.

5.Record the declaration of cash dividends.

6.Record the entry on the date of record.

7.Pay the cash dividends declared on December 1. Record the payment of cash dividends.

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