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:Prepare the stockholders' equity section of the balance sheet as of December $31,2024.$ Net income for the year was $$4,900,000.($Amounts to be deducted should be indicated by a minus sign.$)$Answer is complete but not entirely correct.

$\backslash$table$[[$National League Gear$],[$Balance Sheet$],[($Stockholders$\text{'}$ Equity Section$)],[$December $31,2024],[$Stockholders$\text{'}$ Equity:,,$],[$Common Stock,Q:$,$$$7,500,000$