Exercise 10-8 (Algo) Prepare the stockholders' equity section (LO10-7) 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 Issues 100,000 shares of cotmon stock for $18 per share. Pobruary 6 Issues 1,300 shares of 71 preferred stock for $13 per share. Soptember 10 purchases 12,000 shares of its own comon stock for $23 per share. December 15 Resells 6,000 shares of treasury stock at $28 per share. In its first year of operations. The Clothing Cove has net income of $143,000 and pays dividends at the end of the year of $94,000 (\$1 per share) on all common shares outstanding and $910 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.) A ma