Required information [The following information applies to the questions displayed below] 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 1.5 million shares of comon stock for $35 per share. February 4 Issue 690,900 shares of preferred stock for $23 per share. June 15 Purchase 159,090 shares of its omn common stock for $30 per share. August 15 Resel1 112,500 shares of treasury stock for $45 per share. Novenber 1 Declare a cash dividend on its connon stock of $1.50 per share and a $489,090 (48 of par value) cash dividend on its preferred stock payable to all stockholders of recond on Novenber 15. (Hint: Dividends are not paid on treasury stock.) Novenber 30 Pay the dividends declared on Novenber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,900,000 (Amounts to be deducted should be indicated by a minus sign.)