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.] Little League 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 Isaue 100,000 shares of common stock for $60 per share. February 14 insue 50,000 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stoek for $50 per share. May 31 Resel1 5,000 shares of treasury stock for 555 per share. December 1 Declare a cash dividend on ite common atock of $0,50 per share and a $25,000 ( 56 of par value) cash dividend on its preferred stock payable to a11 stockholders of record on December 15. The dividend is payable on December 30. (Hint: bividende are not paid on treasury stook.) December 30 Pay the cash dividends declared on Deceaber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $480,000. (Amounts to be deducted should be indicated by a minus sign.)