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journal entry on Nov 1 Required information [The following information applies to the questions displayed below.] National League Gear has two classes of stock authorized:

journal entry on Nov 1
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Required information [The following information applies to the questions displayed below.] 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 2024, National League's first year of operations: February 2 Issue 1.4 million shares of common stock for $21 per share. February 4 Issue 46, shares of preferred stock for $24 per share. June 15 Purchase 140,000 shares of its own common stock for $16 per share. August 15 Resel1 105, 000 shares of treasury stock for $31 per share. November 1 Declare a cash dividend on its common stock of $1.40 per share and a $460,800 (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. Required information [The following information applies to the questions displayed below.] 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 2024, National League's first year of operations: February 2 Issue 1.4 million shares of common stock for $21 per share. February 4 Issue 46, shares of preferred stock for $24 per share. June 15 Purchase 140,000 shares of its own common stock for $16 per share. August 15 Resel1 105, 000 shares of treasury stock for $31 per share. November 1 Declare a cash dividend on its common stock of $1.40 per share and a $460,800 (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

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