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 common stock for $35 per share.
February 4 Issue 600,000 shares of preferred stock for $23 per share.
June 15 Purchase 150,000 shares of its own common stock for $30 per share.
August 15 Resell 112,500 shares of treasury stock for $45 per share.
November 1 Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15.
November 30 Pay the dividends declared on November 1.

Required:
1. Record each of these transactions.
2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2024. Net income for the year was $4,900,000.