Golf Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations; January 2 tssue 100,00 s shares of comen stock for $55 per share. February 14 Issue 45 , eea shares of preferred stock for $11 per share. May 31 Resell 5 , ebe shares of treasury stock for $50 per share. Dectember 1 Dectare a cash dividend on its connon stock of $0.75 per share and a \$22,5e0 (St of par yatue) cash dividend on its preferred stock payable to att stockholders of record on Decenber 15. The dividend is payable on Decenber 30 . (Hint; Dividends are not paid on treasury stock.) Deceaber 30 Pay the cash dividends dectared on Decenber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $475,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct