education.com 252/activity/question-group/l. Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 10 Required information The following information applies to the questions displayed below.) Part 2 of 2 10 points National League Gear has two classes of stock authorized: 5%, $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 1.3 million shares of common stock for $33 per share. February 4 Issue 580,000 shares of preferred stock for $24 per share. June 15 Purchase 130,000 shares of its own common stock for $28 per share. August 15 Resell 97,500 shares of treasury stock for $43 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $589,000 (5% 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 $4,880,000 (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity Preferred stock $ 6.500.000 Mc Graw Hill mi