how to calculate retained earnings? olease show all steps

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: February 14 May 8 January 2 Issue 120,000 shares of common stock for $62 per share. Issue 52,000 shares of preferred stock for $13 per share.. May 31 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. Purchase 12,000 shares of its own common stock for $52 per share. Resell 6,000 shares of treasury stock for $57 per share. 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.) GOLF APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Common Stock Preferred Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ $ 120,000 520,000 7,506,000 8,146,000 (312,000) 7,834,000

Required information The fallowme informedous apbles fo the avestions ditalejed below) Golf Apparel hes two clesses of stock autorued 4%,510 par.preferred, and 31 par value common. The folowing 2. Prepare the stoch holden equity section of the balance sheet ac of December 31,2024 Net incorre for the year was 5482 . 000 (Amounts to be dedueted should be indicated by a minus sign)