!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. Thefollowing transactions affect stockholders' equity during 2024, National League's first year of operations:February 2February 4June 15August 15November 1Issue 1.4 million shares of common stock for $29 per share..Issue 540,000 shares of preferred stock for $23 per share.Purchase 140,000 shares of its own common stock for $24 per share.Resell 105,000 shares of treasury stock for $39 per share.Declare a cash dividend on its common stock of $1.40 per share and a $432,000 (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.Required:1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field.)<View transaction listJournal entry worksheet1 2 3 4 5Record the issuance of 1.4 million shares of common stock for $29 per share.Note: Enter debits before credits.Date:February 02, 2024Record entryGeneral JournalClear entryDebitCreditView general Journal*** National League GearBalance Sheet(Stockholders' Equity Section)December 31, 2024Stockholders' Equity:4Total Paid-in CapitalTotal Stockholders' Equity00

Stockholder's Equity includes Common Stock, Preferred Stock, treasury stock, Paid in Capital,…

Answered: Required: 1. Record each of these…

Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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