Required information Problem 10-6A (Algo) Record equity transactions and prepore 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 comen stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of 1t ts own cotwon stock for 357 per share. May 31 lesell 5,500 shares of treasury stock for 562 per share. Decenber 1 Declare a cash divldend on its comnon stock of 50,40 per share and a 534,200 (6x of pur value) cash dividend on its preferred stock payable to all stockholders of record on Deceeber 15. The dividend is payable on Decenber 30. (Hint: Dividends are not paid on treasury stock.) Decenber 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 $487000 (Amounts to be deducted should be indicated by a minus sign.)