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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 $40,000$ shares of preferred stock for $$13$ per share.

May $8$ Purchase $12,000$ shares of its own common stock for $$40$ 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 $$0\mathrm{.}25$ per share and a $$16,000(4\%$ of par value$)$ cash dividend on its preferred stock payable to all stockholders of record on December $15.$ The dividend is payable on December $30.($Hint: Dividends are not paid on treasury stock.$)$

December $30$ Pay the cash dividends declared on December $1.$

$2.$ Prepare the stockholders' equity section of the balance sheet as of December $31,2024.$ Net income for the year was $$470,000.($Amounts to be deducted should be indicated by a minus sign.$)$

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