Problem $10-6$A $($Algo$)$ Record equity transactlons and prepare the stockholders' equity section $($LO$10-2,10-3,10-4,10-5,10-7)$

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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 $12,0$ shares of common stock for $$62$ per share.

February $14$ Issue $52,000$ shares of preferred stock for $$13$ per share.

May $8$ Purchase $12,000$ shares of its own common stock for $$52$ per share.

May $31$ Resell $6,000$ shares of treasury stock for $$57$ per share.

December $1$ Declare a cash dividend on its common stock of $$0\mathrm{.}6$ per share and a $$2,8(4\%$ of par value$)$ cash dividend on its preferred stock payable to all stockholders of record on December $15.$ The dividend is payable on December $30.($Hint: Dividends are not paid on treasury stock.$)$

December $30$ Pay the cash dividends declared on December $1.$

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Required information

$\backslash$table$[[($Stockholders$\text{'}$ Equity Section$)],[$December $31,2024],[$Stockholders$\text{'}$ Equity:,,$],[$Preferred Stock,$$,520,000],[$Common Stock,,$120,000],[$Additional Paid$-$in Capital,,$],[$Total Paid$-$in Capital,,$640,000],[$Retained Eamings,,$],[$Treasury Stock,,$],[$Total Stockholders' Equity,$$,640,000]]$