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 2018, 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 repurchase 11,000 shares of its own common stock for $54 per share. may 31 reissue 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 (6% 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.