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 1.5 million shares of common stock for $20 per share. February 4 Issue 450,000 shares of preferred stock for $22 per share. June 15 Purchase 150,000 shares of its own common stock for $15 per share. August 15 Resell 112,500 shares of treasury stock for $30 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $540,000 ( 6% 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 1 . 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $4,750,000. (Amounts to be deducted should be indicated by a minus sign.)