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Little League 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 common stock for $60 per share. February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $50 per share. May 31 Resell 5,000 shares of treasury stock for $55 per share. December 1 Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5\% 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. Required: I. Record each of these transactions. (If no entry is required for a 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $480,000. (Amounts to be deducted should be indicated by a minus sign.)