ces 0 Required information. [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.2 million shares of common stock for $32 per share. February 4 Issue 570,000 shares of preferred stock for $23 per share. June 15 Purchase 120,000 shares of its own common stock for $27 per share. August 15 Resell 90,000 shares of treasury stock for $42 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $456,000 (4 of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date General Journal Debit Credit February 02, 2021 Cash Common Stock Additional Paid-In Capital 2 February 04, 2021 Cash 8 Cahninn, 02 2001 Cach Required information 2 February 04, 2021 Cash Preferred Stock Additional Paid-In Capital Treasury Stock 3 June 15, 2021 Cash 4 August 15, 2021 Cash 5 November 01, 2021 Treasury Stock Additional Paid-In Capital Dividends Dividends Payable 6 November 15, 2021 No Journal Entry Required November 30, 7' Dividends Payable 2021 Cash National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2021, National League's first year of operations: February 2 Issue 1.2 million shares of common stock for $32 per share. February 4 Issue 570,000 shares of preferred stock for $23 per share. June 15 Purchase 120,000 shares of its own common stock for $27 per share. August 15 Resell 90,000 shares of treasury stock for $42 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,870,000. (Amounts to be deducted should be indicated by a minus sign.) NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Total paid-in capital 0 Total stockholders' equity $ 0 C