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 $2024$:April $1$June $1$Issue $3,000$ additional shares of common stock for $$10$ per share.Issue $175$ additional shares of preferred stock for $$40$ per share.Declare a cash dividend on both common and preferred stock of $$0\mathrm{.}25$ per share to all stockholders of record on June $15.$June $30$Pay the cash dividends declared on June $1.$August $1$ Purchase $175$ shares of common treasury stock for $$7$ per share.October $1$ Resell $125$ shares of treasury stock purchased on August $1$ for $$9$ pershare.Nautical has the following beginning balances in its stockholders' equity accounts on January $1,2024$:Preferred Stock, $$1,250$; Common Stock, $$3,000$; Additional Paid$-$in Capital, $$19,500$; and Retained Earnings,$$11,500.$ Net income for the year ended December $31,2024,$ is $$7,650.$Taking into consideration the beginning balances on January $1,2024$ and all the transactions during $2024.$ respond to the following for Nautical:Problem $10-5$B $($Static$)$ Part $1$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.$)$