Required information 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.] Tennis 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 \$64 per share. February 14 Issue 54,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $54 per share. May 31 Resell 5,500 shares of treasury stock for \$59 per share. December 1 Declare a cash dividend on its common stock of $0.70 per share and a $32,400 (68 of par value) cash dividend on its preferred 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 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.) Journal entry worksheet 5 7 Record the issuance of 110,000 shares of common stock for $64 per share. Note: Enter debits before credits. Journal entry worksheet 7 Record the issuance of 54,000 shares of preferred stock for $12 per share. Note: Enter debits before credits. Journal entry worksheet 7 Record the purchase of 11,000 shares of its own common stock for $54 per share. Note: Enter debits before credits. Journal entry worksheet 1 7 Record the resale of 5,500 shares of treasury stock for $59 per share. Note: Enter debits before credits. Journal entry worksheet 1 2 Record the declaration of a cash dividend on its common stock of $0.70 per share and a $32,400 (6\% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet 2 Record the entry on December 15, the date of record. Note: Enter debits before credits. Journal entry worksheet 1 2 3 5 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $484,000 Amounts to be deducted should be indicated by a minus sign.)