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.] 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 100,800 shares of common stock for $63 per share. February 14 Issue 53,000 shares of preferred stock for $11 per share. May 8 Purchase 10,090 shares of its own cosmon stock for $53 pen share. May 31 Resell 5,600 shares of treasury stock for $58 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $26,500 (5\$ of par value) cash dividend on its preferred stock payable to al1 stockholders of record on Decenber 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on Decenber 1. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was 483,000. (Amounts to be deducted should be indicated by a minus sign.)