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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 $1\mathrm{.}5$ 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

Prepare the stockholders' equity section of the balance sheet as of

December $31,2024.$ Net income for the year was $$4,900,000.($Amount

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