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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

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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 1.3 milion shares of cormon stock for $22 per share. February 4 Is isue 470,000 shares of preferred stock for $23 per share. June 15 Purchase 130,000 shares of its own comson stock for $17 per share. August 15 Resell 97,500 shares of treasury stock for 532 per share. Novenber 1 Declare a cash dividend on its conmon stock of $1.30 per share and a $376,600 ( 4x 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 Novesber 1. equired: Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ecount 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 stockholders' equity during 2024. National League's first year of operations: February 2 Issue 1.3 million shares of conmon stock for $22 per share. February 4 Issue 47,90 shares of preferred stock for $23 per share. June 15 Purchase 130,080 shares of its own cormon stock for $17 per share. August 15 Resel1 97,500 shares of treasury stock for $32 per share. November 1 declare a cash dividend on its common stock of $1,30 per share and a $376,630 (4x 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.) Novenber 30 Pay the dividends declared on November 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $4,770,000. Amounts to be deducted should be indicated by a minus sign.)

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