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 600 , e0e shares of preferred stock for $23 per share. June 15 Purchase 150,090 shares of its oun comon stock for $30 per share. August 15 Rese11 112, see shares of treasury stock for 345 per share. November 1 Declare a cash dividend on its comon stock of 51.50 per share and a 5480,000 (4x of par value) cash dividend on its preferred stock payable to a11 stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) Novenber 3e 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.)