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Required information [The following information applies to the questions displayed befow] Golf Apparel has two classes of stock authorized: 4%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $68 per share. February 14 Issue 58,000 shares of preferred stock for $13 per share. Moy 8 Purchase 12,000 shares of 1 ts oun comon stock for $58 per share. May 31 Resell 6 , 000 shares of treasury stock for $63 per share. December 1 Declare a cash dividend on its comon $ tock of $0.35 per share and a $23,200 (48 of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15 . The dividend 15 payable on Deceaber 30. (Hintz Dividends are not paid on treasury stock,) December 30 Pay the cash dividends 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 $488,000 Amounts to be deducted should be indicoted by a minus sign.)