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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 $1\mathrm{.}1$ million shares of common stock for $$19$ per share.

February $4$ Issue $440,000$ shares of preferred stock for $$23$ per share.

June $15$ Purchase $110,000$ shares of its own common stock for $$14$ per share.

August $15$ Resell $82,500$ shares of treasury stock for $$29$ per share.

November $1$ Declare a cash dividend on its common stock of $$1\mathrm{.}10$ per share and a $$352,000(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 $$4,740,000.$

$($Amounts to be deducted should be indicated by a minus sign.$)$

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