Problem 10-6A (Algo) Record equity transactions and prepare the stockholders" equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below.] 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. May 8 Purchase 12,000 shares of its own common 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 common stock of $0.35 per share and a $23,200(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. References Section Break Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3 104,105,1077 Award: 2.50 points Problem 10-6A (Algo) Part 1 Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31 2024. Net income for the vear was