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.] 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 100,000 shares of common stock for $60 per share. February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $50 per share. May 31 Resell 5, 0e0 shares of treasury stock for $55 per share. Decenber 1 Declare a cash dividend on its common stock of $0.50 per share and a $25, 000 ( 5% of par vatue) cash dividend on its preferred stock payable to all 5 tockholders of record on December 15 . The dividend is payable on Decenber 30. (Hint: Dividends are not paid on treasury stock.) Decenber 30 Pay the cash dividends declared on Decenber 1 . Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for thq year was $480,000. (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $480,000. (Amounts to be deducted should be indicated by a minus sign.)