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 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 pese11 90,000 shares of treasury stock for $42 per share. November 1 Deelare a cash dividend on its common stock of $1.20 per share and a $456, 000 (4t of par value) cash dividend on its preferred stock payable to al1 stockholders of record on Novenber 15 . (Hint Dividends are not paid on treasury stock.) November 30 Pay the dividends deelared on November 1. tequired: Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet 23456 Record the issuance of 1.2 million shares of common stock for $32 per share. Note: Enter debits before credits 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(43 of cash dividend on its preferred stock payable to all stockholders of record on Novembe 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, 2024. Net income for the year v (Amounts to be deducted should be indicated by a minus sign.) 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 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 pese11 90,000 shares of treasury stock for $42 per share. November 1 Deelare a cash dividend on its common stock of $1.20 per share and a $456, 000 (4t of par value) cash dividend on its preferred stock payable to al1 stockholders of record on Novenber 15 . (Hint Dividends are not paid on treasury stock.) November 30 Pay the dividends deelared on November 1. tequired: Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet 23456 Record the issuance of 1.2 million shares of common stock for $32 per share. Note: Enter debits before credits 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(43 of cash dividend on its preferred stock payable to all stockholders of record on Novembe 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, 2024. Net income for the year v (Amounts to be deducted should be indicated by a minus sign.)
