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 common stock for $24 per share. February 6 Issues 1,900 shares of 7% preferred stock for $13 per share. September 10 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.)