Record equity ttansactions and prepare the stockholders' equity section (G LO10-2, 103, (19) 104, (G) 105, , 107) P10 - 6 A Major League Apparel has two classes of stock authorized: 6%,$10 par preferred, and \$1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 110.000 shares of common stock for $70 per share, February 14 Issue 60.000 shares of preferred stock for $12 per share, May 8 Purchase 11,000 shares of its own common stock for $60 per share. May 31 Resell 5.900 shares of treasury stock for $65 per share. December 1 Declare a cash dividend on its common stock of 30.25 per share and a $36,000 (6\% of par value) cash dividend on its greferred 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 I. Required: I. Record each of these transactions. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $490,000