Exercise 7U- (AIgo) rrepare tne stocknoiders' equity section (LUU-I) The Clothing Cove has two classes of stock authorized: 9%,$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 shareB of comnon stock for $26 per share. February 6 Insues 2,100 shares of 91 preferred stock for $11 per share. september 10 Purchases 11,000 shares of its ow cormon stock for $31 per share. December 15 Resells 5,500 shares of treasury stook at $36 per share. In its first year of operations, The Clothing Cove has net income of $151,000 and pays dividends at the end of the year of $94,500 ( $1 per share) on all common shares outstanding and $1,890 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.)