What is the treasury stock for the balance sheet?

Required information Problem 10-6B Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10- 4, 10-5, 10-7) [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 Issue 1.5 million shares of common stock for $20 per share. February 4 Issue 450,000 shares of preferred stock for $22 per share. June 15 Purchase 150,000 shares of its own common stock for $15 per share. August 15 Resell 112,500 shares of treasury stock for $30 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $540,000 (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. roblem 10-6B Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,750,000 (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity Common stock $ 7,500,000 Preferred stock 9,000,000 Additional paid in capital 25,087,500 Total paid in capital Retained earnings Treasury stock 41,587,500 2,016 250 1,687,500 $ lo Total stockholders equity $45,291,250