Required information

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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 $1\mathrm{.}5$ 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 $$1\mathrm{.}50$ per share and a $$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:

Record each of these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

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$5$

$6$

Record the issuance of $1\mathrm{.}5$ million shares of common stock for $$35$ per share.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$February $02,2024,,,],[,,,],[,,,],[,,,]]$

of $20$

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