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 1.1 million shares of common stock for $24 per share. February 4 Issue 490,000 shares of preferred stock for $24 per share. June 15 Purchase 110,000 shares of its own common stock for $19 per share. August 15 Resell 82,500 shares of treasury stock for $34 per share. November 1 Declare a cash dividend on its common stock of $1.10 per share and a $490,000 (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 30 Pay the dividends declared on November 1. . Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,790,000 Amounts to be deducted should be indicated by a minus sign.) NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Total paid-in capital Total stockholders' equity