[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 million shares of common stock for $35 per share. February 4 Issue 600,000 shares of preferred stock for $23 per share. Purchase 150,000 shares of its own common stock for $30 per share. Resell 112,500 shares of treasury stock for $45 per share. Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% 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. June 15 August 15 November 1 2. Prepare the stockholders' equity section of the balance sheet (Amounts to be deducted should be indicated by a minus sign.) & of December 31, 2024. Net income for the year was $490,000.

[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 million shares of common stock for $35 per share. February 4 Issue 600,000 shares of preferred stock for $23 per share. June 15 Purchase 150,000 shares of its own comon stock for $30 per share. August 15 Resell 112, 500 shares of treasury stock for $45 per share. Novenber 1 Declare a cash dividend on its conmon stock of \$1.50 per share and a s480, 000 (44 of par vatue). cash dividend on its preferred stock payable to all stockholders of record on Novenber 15. (Hint: Dividends are not paid on treasury stock.) Noveaber 30 Pay the dividends declared on Novenber 1 . 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024, Net income for the year was $490,000. (Amounts to be deducted should be indicated by a minus sign.)