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 duting 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. Hay 8 Purchase 11 , 00e shares of its own comnon stock for $54 per share. Nay 31 Resell 5,500 shares of treasury stock for 559 per share. Deceaber 1 declare a cash dividend on its comnon stock of $0.78 per share and a $32,460 (6v of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15. The dividend is payable on Decenber 30. (Mint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends dectared on Decenber 1. Problem 10-6A (Algo) Part 2 2. Prepore the stockholders' equity section of the balance sheet as or December 31, 2024. Net income for the year was $484,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. TENNIS APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Additional Paid-in Capital \begin{tabular}{r} $54,000 \\ \hline 110,000 \\ 7,093,000 \end{tabular} Total Paid-in Capital 7,257,000 Retained Earnings 484,000 Treasury Stock (297,000) Total Stockholders' Equity $7,444,000