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 2024, National League's first year of operations: February 2 Issue 1.3 million shares of common stock for $17 per share. February 4 Issue 420,000 shares of preferred stock for $22 per share. June 15 Purchase 130,000 shares of its own common stock for $12 per share. August 15 Resell 97,500 shares of treasury stock for $27 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $504,000 (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: . Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field.) Journal entry worksheet 2 3 4 5 6 Record the issuance of 1.3 million shares of common stock for $17 per share. Note: Enter debits before credits. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $4,720,000 (Amounts to be deducted should be indicated by a minus sign.)