Required information [The following information applies to the questions displayed below] 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 1.5 milion shares of conson stock for $35 per share. February 4 issue 660 , 0e0 shares of preferred stock for $23 per share. June 15 Purchase 150, eee shares of its own comon stock for 530 per share. August is Resell 112, see stares of treasury stock for 545 per share. Noveaber 1 Declare a cash dividend on its common stock of $1.50 per share and a 5480,000 (4x of par value) cash dividend on its preferred stock payable to 011 stockholders of record on Noveober 15. (Hint: Dividends are not paid on treasury stock.) Novenber 30 Pay the dividends declared on Novenber 1. Required: . Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first iccount field.) Required information [The following information applies to the questions displayed below] National League Gear has two classes of stock authorized: 4%,$20 par preferred, and $5 par value common. The following transactions affect stockhoiders' equity during 2024. National League's first year of operations. February 2 I Issue 1.5 milion shares of comson stock for s3s per share. February 4 issue 60e, eee shares of preferred stock for 523 per share. June 15 Purchase 15e, eee shares of its own coenen stock for 530 pen share. August 15 Resel1 112 , see shares of treasury stock for 545 per share. Hovember 1 Declare a cash dividend on its comon stock of $1.50 per share and a 5680 , 690 ( 4. of par value) cash dividend on its preferred stock payable to all stockholders of record on Novesber 15. (Hint; Oividends are tiot paid on treasury stock.) Novenber 30 Pay the dividends dectared on Novenber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31.2024 . Net income for the year was $4,900.000. Amounts to be deducted should be indicated by a minus sign.)
