Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 103,104,105,107) [The following information applies to the questions displayed below.] Golf 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: sanuary 2 Issue 100,000 sharen of eomon stock for 555 per share. February 14 Tseve 45,000 sharen of preferred stock for $11 per share. May B Purchase 10,000 ahares of its own comeon atoek for 545 per ahare. May 31 Mesell 5,000 ohares of treaeury htoek for $50 per share. December 1 Declare a cash dividend on its eommon stock of $0.75 per share and a $22,500 (5t of par value) cash dividend on ite preferred atook payable to all atookholders of record on pecember 15. The dividend in payable on December 30. (Hint, Dividends are not paid on treasury atock.) December 30 Pay the canh dividende declared on December 1. roblem 10-6A (Algo) Part 1 equired: Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ccount field.) (x) Answer is not compiete. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $475,000. (Amounts to be deducted should be indicated by a minus sign.)