please dont provide answer in image format thank you 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:February 2Issue 1.5 million shares of common stock for $35 per share.February 4Issue 600,000 shares of preferred stock for $23 per share.June 15Purchase 150,000 shares of its own common stock for $30 per share.August 15Resell 112,500 shares of treasury stock for $45 per share.November 1Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (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 30Pay 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.)

The stockholders’ equity statement is a part of the financial statement prepared by the company to…

Answered: National League Gear has two classes of…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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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:

February 2	Issue 1.5 million shares of common stock for $35 per share.
February 4	Issue 600,000 shares of preferred stock for $23 per share.
June 15	Purchase 150,000 shares of its own common stock for $30 per share.
August 15	Resell 112,500 shares of treasury stock for $45 per share.
November 1	Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (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.

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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