[The following information applies to the questions displayed below.] National League Gear has two classes...
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[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: Pebruary 2 Issue 1.5milli on shares of cormon stock for $35 per share. February 4 Issue 600,000 mhares of preferred stock for $23 per share. June 15 Purchase 150,000 shares of its own common stook for $30 per share. August 15 Resel1 112,500 ohares of treasury stock for $45 per share. November 1 beclare a cash dividend on its common stock of $1.50 per share and a $480,000 (48 of par value) cash dividend on its preforred atock 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $4,900,000. Amounts to be deducted should be indicated by a minus sign.)
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