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 2021, National League's first year of operations: February 2 Issue 1.4 million shares of common stock for $21 per share. February 4 Issue 460,000 shares of preferred stock for S24 per share June 15 Purchase 140,000 shares of its own common stock for $16 perare August 15 Resell 105,000 shares of treasury stock for $31 per share. November 1 Declare a cash dividend on its common stock of 91.40 per share and $460.000 (5 of par value) cash dividend on its preferred stock payable to all acadkholder 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, 2021. Net income for the year was $4.760,000 (Amounts to be deducted should be indicated by a minus sign.) NATIONAL LEAGUE GEAR Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity Total paid-in capital Total stockholders' equity