Golf Apparel has two classes of stock authorized: 4%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January 2 Issue 120,000 shares of common stock for \$68 per share. February 14 Issue 58,000 shares of preferred stock for \$13 per share. May 8 Purchase 12,000 shares of its own common stock for \$58 per share. May 31 Resell 6,000 shares of treasury stock for \$63 per share. December 1 Declare a cash dividend on its common stock of $0.35 per share and a $23,200 (4\% 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. 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $488,000. (Amounts to be deducted should be indicated by a minus sign.)