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103,104,105,107) [The following information applies to the questions displayed below.] 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 $62 per share. February 14 Issue 52,000 shares of preferred stock for \$13 per share. May 8 Purchase 12,000 shares of its own common stock for $52 per share. May 31 Resell 6,000 shares of treasury stock for $57 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $20,800 (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 . 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $482,000. Amounts to be deducted should be indicated by a minus sign.)