Required information Problem 10-5B (Static) Understand stockholders' equity and the statement of stockholders' equity (LO10. 7) [The following information applies to the questions displayed below] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024 . 125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions affect stockholder' equity during 2024: March 1 Issue 3,000 additional shares of conmon stock for $10 per share. April 1 Issue 175 additional shares of preferred stock for $40 per share. June 1 Declare a cash dividend on both common and preferred stock of se.25 per share to all stockholders of record on June 15 . June 30 Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of conmon treasury stock for $7 per share. october 1 Resetl 125 shares of treasury stock purchased on August 1 for $9 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock. \$1,250; Common Stock, \$3,000; Additional Paid-in Capital, \$19,500; and Retained Earnings, \$11,500. Net income for the year ended December 31,2024 , is $7,650. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical: Problem 10.5B (Static) Part 1 Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)