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Problem $10-6$B $($Algo$)$ Record equity transactions and prepare the stockholders' equity section $($LO$10-2,10-3,10-4,10-5,10-7$

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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 $2024,$ National League's first year of operations:

February $2$ Issue $1\mathrm{.}0$ million shares of common stock for $$25$ per share.

February $4$ Issue $500,000$ shares of preferred stock for $$22$ per share.

June $15$ Purchase $100,000$ shares of its own common stock for $$20$ per share.

November $1$ Resell $75,000$ shares of treasury stock for $$35$ per share.

Declare a cash dividend on its common stock of $$1\mathrm{.}00$ per share and a $$600,000(6\%$ 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 $10-6$B $($Algo$)$ Part $2$

$2.$ Prepare the stockholders' equity section of the balance sheet as of December $31,2024.$ Net income for the year was $$4,800,000.($Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$National League Gear$],[$Balance Sheet$],[($Stockholders$\text{'}$ Equity Section$),],[$December $31,2024,],[$Stockholders$\text{'}$ Equity:,$],[,],[,],[$Total Paid$-$in Capital,$],[,]]$

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