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: 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 1.3 million shares of common stock for $33 per share February 4 Issue 580,000 shares of preferred stock for $21 per share. June 15 Purchase 130,000 shares of its own common stock for $28 per share. August 15 Resell 97,500 shares of treasury stock for 543 per share. November 1 Declare a cash dividend on its common stock of $1.30 per share and a $500,000 (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 38 Pay the dividends declared on November 1. Journal entry worksheet 1 2. 3 4 5 6 Record the issuance of 1.30 million shares of common stock for $33 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 02, 2021 Journal entry worksheet GN 3 4 5 6 Record the issuance of 580,000 shares of preferred stock for $24 per share. Note: Enter debits before credits Date General Journal Debit Credit February 04, 2021 Journal entry worksheet Record the purchase of 130,000 shares of its own common stock for $28 per share. Note: Enter debits before credits. General Journal Debit Credit Date June 15, 2021 C. Journal entry worksheet > 3 6 1 2 5 Record the resell 97,500 shares of treasury stock for $43 per share. Note: Enter debits before credits Debit Credit Date General Journal August 15, 2021 Journal entry worksheet 6 Record the declaration of a cash dividend on its common stock of $1.30 per share and a $580,000 (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.) Note: Enter debits before credits. General Journal Debit Credit Date November 01, 2021 Journal entry worksheet Record the purchase of 130,000 shares of its own common stock for $28 per share. Note: Enter debits before credits. General Journal Debit Credit Date June 15, 2021 C. Journal entry worksheet > 3 6 1 2 5 Record the resell 97,500 shares of treasury stock for $43 per share. Note: Enter debits before credits Debit Credit Date General Journal August 15, 2021 Journal entry worksheet 6 Record the declaration of a cash dividend on its common stock of $1.30 per share and a $580,000 (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.) Note: Enter debits before credits. General Journal Debit Credit Date November 01, 2021 Journal entry worksheet