(1) Required information Required information Required information [The following information applies to the questions displayed below] Little League Apparel has two classes of stock authorized: 6%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May 8 Parchase 11,000 shares of lts own comnon stock for $44 per share. May 31 Resell 5,500 shares of treasury stock for $49 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $26,400 (6t of par value) eash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on Decenber 30. (Hintr Dividends are not paid on treasury atock.) December 30 pay the cash dividends declared on Decenber 1. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $474,000. amounts to be deducted should be indicated by a minus sign.) (Amounts to be deducted should be indicated by a minus sign.) (1) Required information Required information Required information [The following information applies to the questions displayed below] Little League Apparel has two classes of stock authorized: 6%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May 8 Parchase 11,000 shares of lts own comnon stock for $44 per share. May 31 Resell 5,500 shares of treasury stock for $49 per share. December 1 Declare a cash dividend on its common stock of $0.45 per share and a $26,400 (6t of par value) eash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on Decenber 30. (Hintr Dividends are not paid on treasury atock.) December 30 pay the cash dividends declared on Decenber 1. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $474,000. amounts to be deducted should be indicated by a minus sign.) (Amounts to be deducted should be indicated by a minus sign.)