Book . HM PM Exercise 10-8 (Algo) Prepare the sto The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 February September 10 Issues 100,000 shares of common stock for $24 per share. Issues 1,900 shares of 25 preferred stock for $13 per share. Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. In its first year of operations, The Clothing Cove has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for The Clothing Cove as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) THE CLOTHING COVE Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Common stock Preferred stock Additional paid-in capital Total paid-in capital $ 100,000 19,000 2.306,700 2.424,700 Treasury stock Retained earnings Total stockholders' equity $ 2,424,700