Required information [The following information applies to the questions displayed below] National League Gear has two classes of stock authorized 4%,520 par preterred, and 55 par value common The following transactions affect stockhoider's' equity during 2024 , Nationat League's first year of operations February 2 Issue 1,3 nillion shares of comon stock for $22 per share. Tebruary 4 Issue 479,000 stares of preferred stock for 523 per share. June 15 Purchase 130 , 0ee shares of its own compon stock for $17 per share. August 15 Resel1 97,500 shares of treasury stock for $37 per share. November 1 Declace a cosh dividend on Its comon stock of $1,30 otr share and a 5376,600(4k of oar value) cash dividend on its preferred steck payable to all stockholders of record en Novenber 15. (Minti Dividends are obt paid on treasary stock.) Niovenber 3 poy the dividerss declared on Novenber 1. Required: 1. Record each of these transactions. (if no entry is required for a tronsoctlon/ovent, select "No Journal Entry Requlred" In the first account field.) Required Information [The following information applies to the questions aisplayed below] National League Gear has two ciasses of stock authonzed: 4\%, 520 par preferred, and 55 par value common, The following transactions affect stockhoiders' equity during 2024, National League's first year of operations Pebruary 2 Issue 1.3 mition shares of comeon stock for 522 per share. February 4 Issue 470,000 shares of preferred stock for 523 per share. June 15 Purchase 130,000 shares of its own compon stock for 517 per share. August is Resel1 97,500 shares of treasury stock for $32 per share. hovember 1 Declare a cash dividend on Its comon stock of 51,30 per shere and a 5376,000 (4k of par vatue) casb dividend on its preferred stock payable to all stockholders of record on Novenber 15. (hint 0tvidends are not poid on treasiry stock.) Noveaber sa poy the dividends declared on Novenber 1 . 2. Prepare the stockhoiders' equity section of the batance sheet as of December 31,2024 . Net income for the year was $4.770.000 (Amounts to be deducted should be indicated by o minus sign.)