D Screen Shot 2021-11-07 at 5.03.45... Q Q Search 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 1.4 million shares of common stock for $29 per share. February 4 Issue 540,000 shares of preferred stock for $23 per share. June 15 Purchase 140,000 shares of its own common stock for $24 per share. August 15 Resell 105,000 shares of treasury stock for $39 per share. November 1 Declare a cash dividend on its common stock of $1.40 per share and a $432,000 (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.) OOO O Screen Shot 20... Q OOO Screen Shot 20... Q Journal entry worksheet Journal entry worksheet > 0 Screen Shot 2021-... Q >> 0 Journal entry worksheet Journal entry worksheet 3 4 5 5 6 7 > Record the purchase of treasury stock. Record declaration of cash dividend. Note: Enter debits before credits. . Note: Enter debits before credits. Date General Journal Debit Credit General Journal Debit Credit Date November 01, 2021 June 15, 2021 Record entry Clear entry View general journal Record entry Clear entry View general journal Screen Shot 2021-... @ >> 0 DScreen Shot 2021-... 6 Journal entry worksheet Journal entry worksheet 1 2 2 3 4 5 6 7 > Record resell of treasury stock purchased. Record the entry on the date of record. Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit General Journal Debit Credit August 15, 2021 Date November 15, 2021 Record entry Clear entry View general journal Record entry Clear entry View general journal Journal entry worksheet Record the payment of cash dividends declared. Note: Enter debits before credits. Date General Journal Debit Credit November 30, 2021 Record entry Clear entry View general journal 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,840,000. (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 Total stockholders' equity
