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. (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.) View transaction list Required information View transaction list 1 Record the issuance of 1.20 million shares of common stock for $23 per share. er share 2 Record the issuance of 480,000 shares of preferred stock for $22 per share. 8 3 Record the purchase of 120,000 shares of its own common stock for $18 per share. Cred 4 Record the resell 90,000 shares of treasury stock for $33 per share. 5 Record the declaration of 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 mbalibald de Neha Fund Note : journal entry has been entered Record entry Clear entry View genera 4 Record the resell 90,000 shares of treasury stock for $33 per share. 5 Record the declaration of 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. (Hint: Dividends are not paid on treasury stock.) 6 Record the dividends declared on November 1. Note journal entry has been entered