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 2024, National Leagues first year of operations:

February 2	Issue 1.5 million shares of common stock for $35 per share.
February 4	Issue 600,000 shares of preferred stock for $23 per share.
June 15	Purchase 150,000 shares of its own common stock for $30 per share.
August 15	Resell 112,500 shares of treasury stock for $45 per share.
November 1	Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (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. I need the journal entries for the last two of this problem.

5. Record the declaration of a cash dividend on its common stock of $1.50 per share and a $480,000 (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.)

6. Record the payment of the dividends declared on November 1.