! Required information (The following information applies to the questions displayed below.) 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 1.3 million shares of common stock for $28 per share. February 4 Issue 530,000 shares of preferred stock for $22 per share. June 15 Purchase 130,000 shares of its own common stock for $23 per share. August 15 Resell 97,500 shares of treasury stock for $38 per share. November 1 Declare cash dividend on its common stock of $1.30 per share and a $636,000 (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.) Required information 1 36,400,000 February 02, 2021 Cash Common Stock Additional Paid-In Capital 2 6,500,000 29,900,000 2 11,660,000 February 04, 2021 Cash Preferred Stock Additional Paid-In Capital 10,600,000 1,060,000 3 June 15, 2021 2,990,000 Treasury Stock Cash 2,990,000 4 August 15, 2021 Cash Treasury Stock Additional Paid-In Capital 3,705,000 3,217,500 X 487,500 X 5 2,326,000 X November 01, 202 Dividends Dividends Payable oo 1,690,000 X 7 November 30, 202 Dividends Payable 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,830,00 (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity Common stock $36,400,000 Preferred stock 11,660,000 Total paid-in capital 48,060,000 Total stockholders' equity $48,060,000