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Required information [The following information applies to the questions displayed below] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024 . 150 shares of preferred stock and 1,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,600 additional shares of comeon stock for $19 per share. April 1 Issue 150 additional shares of preferred stock for $26 per share. June 1 Declare a cash dividend on both common and preferred stock of 50.70 per share to all stockholders of record on June 15 . June 30 Pay the cash dividends declared on June 1. August 1 Purchase 250 shares of common treasury stock for $16 per share. october 1 Resell 150 shares of treasury stock purchased on August 1 for $18 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,500; Common Stock, \$1,600; Additional Paid-in Capital, \$18,100; and Retained Earnings, \$10,100. Net income for the year ended December 31,2024 , is $6,950. Taking into consideration the beginning balances on January 1,2024 and all the transactions during 2024, respond to the following for Nautical: Required: . Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. (Amounts to ber deducted should be dicated by a minus sign.) Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. (Amounts to be de indicated by a minus sign.) \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ NAUTICAL } \\ \hline \multicolumn{7}{|c|}{ Statement of Stockholders' Equity } \\ \hline \multicolumn{7}{|c|}{ For the Year Ended December 31, 2024} \\ \hline & \begin{tabular}{l} Preferred \\ Stock \end{tabular} & Common Stock & \begin{tabular}{c} Additional \\ Paid-in Capital \end{tabular} & \begin{tabular}{l} Retained \\ Earnings \end{tabular} & \begin{tabular}{c} Treasury \\ Stock \end{tabular} & \begin{tabular}{l} Total \\ Stockholders' \\ Equity \end{tabular} \\ \hline \multicolumn{7}{|l|}{ Balance, January 1} \\ \hline \multicolumn{7}{|l|}{ Issue common stock } \\ \hline \multicolumn{7}{|l|}{ Issue preferred stock } \\ \hline Deciare dividends & & & & & & \\ \hline \multicolumn{7}{|l|}{ Purchase treasury stock } \\ \hline \multicolumn{7}{|l|}{ Resell treasury stock } \\ \hline \multicolumn{7}{|l|}{ Net income } \\ \hline Balance, December 31 & $ & $ & $ & $ & $ & $ \\ \hline \end{tabular}