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 2021, National League's first year of operations: February 2 Issue 1.2 million shares of common stock for $27 per share. February 4 Issue 520,000 shares of preferred stock for $24 per share. June 15 Purchase 120,000 shares of its own common stock for $22 per share. August 15 Resell 90,000 shares of treasury stock for $37 per share. November 1 Declare a cash dividend on its common stock of $1.20 per share and a $520,000 (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 declared on November 1. . Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was 4,820,000. (Amounts to be deducted should be indicated by a minus sign.)