Please correct the wrong answers in the balance sheet.

Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 103,104,105,107 ) [The following information applies to the questions displayed below.] 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 stock for $66 per share. February 14 Issue $6,000 shares of preferced stock for $11 per share. May 8 "Purchase 10,000 shares of its ion comen, stock for $56 per share. May 31 Resell 5,000 shares of treasury stock for $61 per share. dividend on its preferred stock payable to all stockholders of record on-Decenter 15 . Ihe dividend is payable on Deceaber 30. (Hint/ Dividends are not paid on treasury stock.) Decenber 30 Pay the cash dividends declared on Decenber 1 . Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $486,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. Required information \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline \multirow[t]{3}{*}{7} & 1 & January 02,2024 & Cash & 6,600,000 & \\ \hline & & & Common Stock & & 100,000 \\ \hline & & & Additional Paid-In Capital & & 6,500,000 \\ \hline \multirow[t]{4}{*}{>} & 2 & February 14,2024 & Cash & 616,000 & \\ \hline & & & Preferred Stock & & 560,000 \\ \hline & & & Additional Paid-In Capital & & 56,000 \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{7} & 3 & May 08, 2024 & Treasury Stock & 560,000 & \\ \hline & & & Cash & & 560,000 \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{1} & 4 & May 31,2024 & Cash & 305,000 & \\ \hline & & & Treasury Stock & & 280,000 \\ \hline & & & Additional Paid in Capital & & 25,000 \\ \hline \multirow[t]{2}{*}{1} & 5 & \begin{tabular}{l} December 01, \\ 2024 \end{tabular} & Dividends & 70,750 & \\ \hline & 8 & & Dividends Payable & & 70,750 \\ \hline 1 & & & & & \\ \hline & 6 & \begin{tabular}{c} December 15 , \\ 2024 \end{tabular} & No Journal Entry Required & & \\ \hline \end{tabular} Required information