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 120,000 shares of common stock for $50 per share. February 14 Issue 40 , eee shares of preferred stock for $13 per share. May 8 Purchase 12 , e0e shares of its own common stock for s4e per share. May 31 Resell 6,000 shares of treasury stock for $45 per share. December 1 Declare a cash dividend on its common stock of 50.25 per share and a $16, eee (4\$ of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 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. 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 $470,00 Amounts to be deducted should be indicated by a minus sign.)