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National League Gear has two classes of stock authorized: $5\%,$ $$20$ par preferred, and $$5$ par value common. The following transactions affect stockholders$$ equity during $2024,$ National League$$s first year of operations:

February $2$ Issue $1\mathrm{.}5$ million shares of common stock for $$15$ per share.

February $4$ Issue $400,000$ shares of preferred stock for $$24$ per share.

June $15$ Purchase $150,000$ shares of its own common stock for $$10$ per share.

August $15$ Resell $112,500$ shares of treasury stock for $$25$ per share.

November $1$ Declare a cash dividend on its common stock of $$1\mathrm{.}50$ per share and a $$400,000(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 $1.$

$2.$ Prepare the stockholders$$ equity section of the balance sheet as of December $31,2024.$ Net income for the year was $$4,700,000.($Amounts to be deducted should be indicated by a minus sign.$)$