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 1.4 million shares of common stock for $21 per share. February 4 Issue 460,000 shares of preferred stock for $24 per share. June 15 Purchase 140 , 000 shares of its own cormon stock for $16 per share. August 15 Resell 105, ee shares of treasury stock for $31 per share. November 1 Declare a cash dividend on its comon stock of $1.40 per share and a 546e,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.) November 30 Pay the dividends dec1ared on November 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $4,760,00 (Amounts to be deducted should be indicated by a minus sign.)