National League Gear has two classes of stock authorized: 6%,$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 1.0 million shares of common stock for \$25 per share. February 4 Issue 500,000 shares of preferred stock for $22 per share. June 15 Purchase 100,000 shares of its own common stock for $20 per share. August 15 Resell 75,000 shares of treasury stock for $35 per share. November 1 Declare a cash dividend on its common stock of $1.00 per share and a $600, 000 (68 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 31,2024 . Net income for the year was $4,800,000. Amounts to be deducted should be indicated by a minus sign.)