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.] Tennis Apparel has two classes of stock authorized: 4%,$10 par preferred, and \$1 par value common. The following transactions affect stockholders' equity during 2024. its first year of operations: January 2 Issue 120 , 0ee shares of comnon stock for $53 per share, February 14 Issue 43, 000 shares of preferred stock for \$13 per share. May 8 Purchase 12,000 shares of its ow comon stock for $43 per share. Hay 31 Rese11 6,000 shares of treasury stock for \$48 per share. Oecenber 1 Declare a cash dividend on its comon stock of 50,49 per share and a $17,200 ( 4xa of par value) cash dividend on its preferred stock payable to all stockholders of record on Decesber is. The dividend is payable on Decenber 30 . (firint: Dividents are not paid on treasury stock.) Deceeber 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 the year was $,473,000, (Amounts to be deducted should be indicated by o minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $473,000. (Amounts to be deducted should be indicated by a minus sign.)