Required information [The following information applies to the questions clispiayed below] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024 , 125 shares of preferred stock and 1,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March 1 Iswue 1,700 additional thares of comen stock for $18 per share. Apri1 1 Issue 175 additional shares of preferred stock for $27 per share. June 1 Declare a cash dividend on both common and preferred steck of $0.65 per share to all stockholders of record on June is. June 30 Pay the cash dividends declared on June 2. August 1 Purchase 175 shares of comnon treasury stock for $15 per share. October 1 Relssue 125 shares of treasury stock purchased on August 1 for $17 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1,2024. Preferred Stock, \$1,250; Common Stock, \$1,700; Additional Paid-in Capital, \$18,200; and Retained Earnings, \$10.200. Net income for the year ended December 31,2024 , is $7,000. Required information [The following information applies to the questions clispiayed below] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024 , 125 shares of preferred stock and 1,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March 1 Iswue 1,700 additional thares of comen stock for $18 per share. Apri1 1 Issue 175 additional shares of preferred stock for $27 per share. June 1 Declare a cash dividend on both common and preferred steck of $0.65 per share to all stockholders of record on June is. June 30 Pay the cash dividends declared on June 2. August 1 Purchase 175 shares of comnon treasury stock for $15 per share. October 1 Relssue 125 shares of treasury stock purchased on August 1 for $17 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1,2024. Preferred Stock, \$1,250; Common Stock, \$1,700; Additional Paid-in Capital, \$18,200; and Retained Earnings, \$10.200. Net income for the year ended December 31,2024 , is $7,000