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Exercise 10-8 (Algo) Prepare the stockholders' equity section (LO10-7) The Clothing Cove has two classes of stock authorized: 7%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,600 shares of common stock for 521 per share. February 6 Issues 1,600 shares of 7x preferred stock for $13 per share. september 10 Purchases 12,639 shares of its own common stock for $26 per share. Deceeber 15 Resells 6,000 shares of treasury stock at $31 per share. In its first year of operations. The Clothing Cove has net income of $146.000 and pays dividends at the end of the year of $94.000 ( $1 per share) on all common shares outstanding and $1,120 on all preferred shares outstanding Required: Prepare the stockholders' equity section of the balance sheet for The Clothing Cove as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|l|} \hline \multicolumn{1}{|c|}{ THE CLOTHING COVE } \\ Balance Sheet \\ \hline (Stockholders' Equity Section) \\ December 31, 2024 \\ \hline Stockholders' equity: \\ \hline Common stock \\ \hline Preferred stock \\ \hline Additional paid-in capital \\ \hline Total paid-in capital \\ \hline Retained earnings \\ \hline Treasury stock \\ \hline Total stockholders' equity \\ \hline \end{tabular}