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pls make sure your responce isnt cut off. Thank you so much!!!! National League Gear has two classes of stock authorized: 6%, $20 par preferred,

pls make sure your responce isnt cut off. Thank you so much!!!! image text in transcribed
National League Gear has two classes of stock authorized: 6%, $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 1.0 million shares of common stock for $25 per share. February 4 Issue 500,000 shares of preferred stock for $22 per share. June 15 Purchase 109,000 shares of its own common stock for $20 per share. August 15 Resell 75,000 shares of treasury stock for $35 per share. November 1 Declare cash dividend on its common stock of $1.00 per share and a $600,000 (6% 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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