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: 5%, $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 1.2 million shares of common stock for $18 per share. February 4 Issue 430,000 shares of preferred stock for $24 per share. June 15 Purchase 120,000 shares of its own common stock for $13 per share. August 15 Resell 90,000 shares of treasury stock for $28 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $430,000 (5% 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. Problem 10-6B Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. General Journal Debit Credit 21,600,000 6,000,000 156,000,000 No Date 1 February 02, 2021 Cash Common Stock Additional Paid-In Capital 2 February 04, 2021 Cash Preferred Stock Additional Paid-In Capital 3 June 15, 2021 Treasury Stock Cash 10,320,000 8,600,000 1,720,000 1,560,000 1,560,000 4 August 15, 2021 Cash Treasury Stock Additional Paid-In Capital 2,520,000 1,170,000 1,350,000 5 November 01, 202 Retained Earnings 1,834,000 Stock Dividends 1,404,000 Dividends Payable 430,000 6 November 15, 202 Retained Earnings 1,834,000 Stock Dividends Dividends Payable 1,404,000 430,000 7 November 30, 202 Dividends Payable Stock Dividends > > 1,404,000 430,000 1,834,000