7. Court Casuals has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $80,000; Additional Paid-in Capital, $3,900,000; and Retained Earnings, $4,000,000. Net income for the year ended December 31, 2024, is $800,000. Court Casuals has the following transactions affecting stockholders' equity in 2024: May 10 May 31 July 1 59 July 31 Iesues 26,000 additional shares of $1 par value common stock for $30 per share. Purchases 3,000 shares of treasury stock for $35 per share. Declares a cash dividend of $2 per share to all stockholders of record on July 15. Rint Dividends are not paid on treasury stock. Pays the cash dividend declared on July 1. August 10 Reselle 1,750 shares of treasury stock purchased on May 31 for $53 per share. Required: Taking into consideration all the entries described above, prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) COURT CASUALS Statement of Stockholders' Equity For the Year Ended December 31, 2024 Additional Common Stock Paid-in Capital Balance, January 11 $ 80,000 $3,900,000 $ 4,000,000 Issue common stock 26,000 754,000 Purchase treasury stock Cash dividends Resell treasury stock Total Retained Earnings Treasury Stock Stockholders Equity $ 7,980,000 (105,000) (103,000) 40,250 61,250 Net income Balance, December 31 $ 106,000 $4,694,250 $ 3,897,000 $ (43,750) $ 7,980,000