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Required information [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 120,660 shares of common stock for $65 per share. February 14 Issue 55,600 shares of preferred stock for $13 per share. May 8 Purchase 12,600 shares of its own common stock for $55 per share. May 31 Resell 6,009 shares of treasury stock for 560 per share. Decenber 1 Declare a cash dividend on its comon stock of $0.75 per share and a $22,000 (4x 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.) Decenber 30 Pay the cash dividends declared on Decenber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $485,000. (Amounts to be deducted should be indicated by a minus sign.)