Required information

$[$The following information applies 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 $1\mathrm{.}5$ million shares of common stock for $$35$ per share.

February $4$ Issue $600,000$ shares of preferred stock for $$23$ per share.

June $15$ Purchase $150,000$ shares of its own common stock for $$30$ per share.

August $15$ Resell $112,500$ shares of treasury stock for $$45$ per share.

November $1$ Declare a cash dividend on its common stock of $$1\mathrm{.}50$

per share and a $$480,000(4\%$ 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 $$4,900,000.($Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$National League Gear$],[$Balance Sheet$],[($Stockholders$\text{'}$ Equity Section$)],[$December $31,2024],[$Stockholders$\text{'}$ Equity:,$],[$referred Stock,$$10,200,000$