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 eomnon stoek for $67 per share. Pebruary 24 Insue 57,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 thares of Its own comono stock for $57 por ahare. May 31 Resel1 5,500 oharen of treasury stock for $62 per thare. December 1 Declare a cash dividend on its conmon steck of $0,40 per ahare and a $34,200 (6t of par value) cash dividend on ita proferred atook payable to al1 atockholders of record on December 15. The dividend in payable on Deceaber 30. (Hint t Dividendi are not paid on treanury stock.) December 30 pay the cash dividende 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 $487,000. (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 $487,000. (Amounts to be deducted should be indicated by a minus sign.)