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] Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100 , eee shares of comeon stock for $55 per share. February 14 Issue 45 , eae shares of preferred stock for $11 per share. May 8 Purchase 10 , eae shares of its own common 5 tock for $45 per share. May 31 Resell 5 , 0.50 shares of treasury stock for 550 per share. Decentier 1 Declare a cash dividend on its comeon stock of $9,75 per share and a $22,500 (54 of par vatue) cash dividend on its preferred stock payable to ali stockholders of record on December is. The dividend is payable on Decenber 30 . (Hint: Dividends are not pald on treasury stock.) December, 30 Pay the cash dividends declared on Decesber 1. Problem 10-6A (Algo) Part 2 Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $475,000. Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $475,000. (Amounts to be deducted should be indicated by a minus signt)