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Required information [The following information applles 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: February 2 Issue 1.5 nillion shares of comon stock for $35 per share. February 4 Issue 600 , 0ee shares of preferred stock for $23 per share. June 15 Purchase ise, eeo shares of its own comon stock for $30 per share. August 15 Reselt 112,500 shares of treasury stock for $45 per share. Novenber 1 Declare a cash dividend on its comen stock of $1.50 per share and a $480,000 (4s of par vatue) cash dividend on its preferred stock payable to atl stockholders of record on Novenber 15. (Hint: oividends are not paid on treasury stock.) Novenber 30 Pay the dividends declared on Noveaber 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.)