Required information [The following information applies to the questions displayed below] National League Gear has two classes of stock authorized: 6%,$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 1.4 million shares of common stock for $34 per share. February 4 Issue 590,000 shares of preferred stock for 522 per share. June 15 Purchase 14e, eee shares of its own conmon stock for $29 per share. August 25 Resell 105, eee shares of treasury stock for $44 per share. November 1 Declare a cash dividend on its comon stock of $1.40 per share and a 5708 , eae (6\% of par value) cash dividend on its preferred stock payable to all stockholders of record on Novenber 15. (Hint: Dividends are not paid on treasury stock.) November 3e 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 $4,890,000 Amounts to be deducted should be indicated by a minus sian. National League Gear Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: \begin{tabular}{|l|l|} \hline & \\ \hline & \\ \hline & \\ \hline Total Paid-in Capital & \\ \hline & 0 \\ \hline & \\ \hline Total Stockholders' Equity & \\ \hline \end{tabular}