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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

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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 Insue 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 $35 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $576,000 (68 of par value) cash dividend on its preferred stock payable tall 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 line Journal entry worksheet 5 6 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 pald on treasury stock.) Note Enter debits before credits deis equity Uung ZUZI, Ndondi League shist yedi UI perduotis. 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 (61 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. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4.780,000 mounts to be deducted should be indicated by a minus sign.) NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity Preferred stock $ 9,600,000 Common stock 21,600,000 Additional paid in capital 1,350,000 Total paid-in capital Retained earnings Treasury stock 32,550,000 2,800,000 (540,000) Total stockholders' equity $ 34,810,000

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