Required information

$[$The following information applies to the questions displayed below.$]$

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:

Prepare the stockholders' equity section of the balance sheet as of December $31,2024.$ Net income for the year was $$4,760,000.$

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