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: February 2 Issue 1.5million shares of comnon stock for $30 per share. February 4 Issue 550,000 shares of preferred stock for $24 per. share. June 15 Purchase 150,600 shares of its own common stock for $25 per share. August 15 Resell 112,500 shares of treasury stock for $40 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $550,000 (5\& 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.) Noveaber 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 $4,850,000. (Amounts to be deducted should be indicated by a minus sign.) National League Gear Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock (937,500) Total Stockholders' Equity $1,168,750