7 Part 2 of 2 4 points Little League Apparel has two classes of stock authorized: 5\%, \$10 par preferred, and \$1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $60 per share. February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $50 per share. May 31 Resell 5,000 shares of treasury stock for $55 per share. December 1 Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5\% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15 . The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1 . 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $480,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 \begin{tabular}{||l|r|} \hline Stockholders' Equity: & \\ \hline Preferred Stock & $ \\ \hline Common Stock & 500,000 \\ \hline & \\ \hline & 100,000 \\ \hline Total Paid-in Capital & \\ \hline Retained Earnings & 600,000 \\ \hline Treasury Stock & 407,500 \\ \hline Total Stockholders' Equity & \\ \hline To,700,000 \\ \hline \end{tabular} Check my work