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 Issue 100,000 shares of cemson stock for $52 per share. Fobruary 14 Iasue 42,000 shares of preferred atoek for $11 per share. May 8 Tarehase 10,000 shares of its oun common stoek for $42 per whare. May 31 Renel1 5,000 shares of treasury stoek tor $47 per share. Decenber 1 Declare a cash dividend on itn common stoek of $0.35 per thare and a. $21,000 (St of par value) cash dividend on ite proferred etook payable to all utockholdorn of record on Decenber 15. The dividend is payable on Decerber 30. (Hint: Dividends are not paid on treasury stock.) Deceeber 30 pay the cash dividende declared on Decenber 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $472,000. Amounts to be deducted should be indieated by a minus sign.)