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: 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, 00e shares of its own comnon 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 5 tock of $0,70 per share and a $32,400 (6s of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15. The dividehd is payabte on December 30. (Hint: Dividends are not paid on treasury stock.) December 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 $484,000. (Amounts to be deducted should be indicated by a minus sign.)