Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January 2. Issue 100,000 shares of common atock for $69 per mhare. February 14 Issue 59,000 sharen of preferred stock for $11 per uhare. May A Parchase 10,000 sharen of it oum comon stack for $59 per ahare. Kay 31 Resell 5,000 abaren of treanury atoek for $54 per nhare. Decesber 1 Deciare a cash dividend on it common atock of $0.30 per whare and a $29,500(5t of par value ) canh dividend on lte preferred ntock payable to a11 atoekholdern of record on Decenber 15. The dividend in payable on Decenber 30. (Hint. Dividendin are not paid on treasury atock.) Decenber 30 Pay the canh dividende 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 $489,000. (Amounts to be deducted should be indicated by a minus sign.)