P10-6B 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 2018 National League's first year of operations: Issue 1.5 million shares of common stock for $35 per share. Issue 600,000 shares of preferred stock for $23 per share. Repurchase 150,000 shares of its own common stock for $30 per share. Reissue 112,500 shares of treasury stock for $45 per share. 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.) Pay the dividends declared on November 1. February 2 February 4 June 15 August 15 November 1 November 30 Required: 1. Record each of these transactions. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Net income for the year was $4,900,000