Required Information The following information applies to the questions displayed below] National League Gear has two...

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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 1.2 million shares of common stock for $23 per share. February 4 Issue 480,000 shares of preferred stock for $22 per share. June 15 Purchase 120,000 shares of its own common stock for $18 per share. August 15 Resell 90,000 shares of treasury stock for $33 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $576,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hinti 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.) View transaction list Journal entry worksheet Record the issuance of 1.20 million shares of common stock for $23 per share. Note: Enter debits before credits Date February 02, 2021 Cash Common Stock General Journal Debit 27,600,000 Credit 6,000,000 Additional Paid-In Capital 600,000 Record entry Clear entry View general Journal 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 1.2 million shares of common stock for $23 per share. February 4 Issue 480,000 shares of preferred stock for $22 per share. June 15 Purchase 120,000 shares of its own common stock for $18 per share. August 15 Resell 90,000 shares of treasury stock for $33 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $576,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hinti 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.) View transaction list Journal entry worksheet Record the issuance of 1.20 million shares of common stock for $23 per share. Note: Enter debits before credits Date February 02, 2021 Cash Common Stock General Journal Debit 27,600,000 Credit 6,000,000 Additional Paid-In Capital 600,000 Record entry Clear entry View general Journal