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[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 2021, National League's first year of operations: February 2 Issue 1.2 aillion shares of common stock for $18 per share. February A Issue 430,000 shares of preferred stock for $24 per share. June 15 Purchase 120,000 shares of its own connon stock for $13 per share. August is thesell 90,000 shares of treasury stock for $2t per share. Woventer 1 Declare a cash dividend on its comen stock of $1.20 per share and a $430,000 ( 5x of par value) cash dividend on its preferred stock payable to oll stockholders of record on Hovenber 15. (Hint: Dividends are not paid on treasury stock.) Noveraber 30 Pay the dividends declared on Novenber 1. Requited: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journol Entry Required" in the first occount field.) Journal entry worksheet Record the issuance of 1.20 million shares of common stock for $18 per share. Required informotion [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 2021, National League's first year of operations: rebruary 2 tstoe 1.2 elititon shares of comon stock for \$31n per share. tebruary 4 issue 430,000 shares of prefeered stock for $24 per share. June is purchase 120,000 shares of Its an comon stock for $13 per share. August 15 Resel1 90,090 shares of treasury stock for $28 per share. Hoventer t Declare a cash dividend on Its comon stock of \$1.20 per share and a 5430,000 (5x of par walue) cash dividend on its preferred stock payable to all stockholders of record on Wovenber 15. (Hint: Dividends are not pald on trensury stock.) Hevenber sa Pay the dividends dectared on Newreber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was 54,730,000. (Amounts to be deducted should be indicated by a minus sign.) [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 2021, National League's first year of operations: February 2 Issue 1.2 aillion shares of common stock for $18 per share. February A Issue 430,000 shares of preferred stock for $24 per share. June 15 Purchase 120,000 shares of its own connon stock for $13 per share. August is thesell 90,000 shares of treasury stock for $2t per share. Woventer 1 Declare a cash dividend on its comen stock of $1.20 per share and a $430,000 ( 5x of par value) cash dividend on its preferred stock payable to oll stockholders of record on Hovenber 15. (Hint: Dividends are not paid on treasury stock.) Noveraber 30 Pay the dividends declared on Novenber 1. Requited: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journol Entry Required" in the first occount field.) Journal entry worksheet Record the issuance of 1.20 million shares of common stock for $18 per share. Required informotion [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 2021, National League's first year of operations: rebruary 2 tstoe 1.2 elititon shares of comon stock for \$31n per share. tebruary 4 issue 430,000 shares of prefeered stock for $24 per share. June is purchase 120,000 shares of Its an comon stock for $13 per share. August 15 Resel1 90,090 shares of treasury stock for $28 per share. Hoventer t Declare a cash dividend on Its comon stock of \$1.20 per share and a 5430,000 (5x of par walue) cash dividend on its preferred stock payable to all stockholders of record on Wovenber 15. (Hint: Dividends are not pald on trensury stock.) Hevenber sa Pay the dividends dectared on Newreber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was 54,730,000. (Amounts to be deducted should be indicated by a minus sign.)