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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 , 125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 3 , eee additional shares of comon stock for $10 per share. April 1 issue 175 additional shares of preferred stock for $40 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.25 per share to all stockholders of record on June 15. June 30 Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $7 per share. October 1 Resetl 125 shares of treasury stock purchased on August 1 for $9 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, \$1,250; Common Stock, \$3,000; Additional Paid-in Capital, \$19,500; and Retained Earning5, \$11,500. Net income for the year ended December 31,2024 , is $7,650. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 202 s, respond to the following for Nautical: Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)