Required information [The following information applies to the questions displayed below.] Little League 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 common stock for $51 per share. February 14 Issue 41,000 shares of preferred stock for $12 per share. May 8 May 31 Purchase 11,000 shares of its own common stock for $41 per share. Resell 5,500 shares of treasury stock for $46 per share. December 1 Declare a cash dividend on its common stock of $0.30 per share and a $24,600 (6% 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 $471,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock $ 410,000 104,500 X 659,500 x 1,174,000 415,050 (225,500) Total Stockholders' Equity $ 1,363,550 Required information [The following information applies to the questions displayed below] Little League 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 common stock for $51 per share. February 14 Issue 41,000 shares of preferred stock for $12 per share. May 8 May 31 December 1 Purchase 11,000 shares of its own common stock for $41 per share. Resell 5,500 shares of treasury stock for $46 per share. Declare a cash dividend on its common stock of $0.30 per share and a $24,600 (6% 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. Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. General Journal Debit Credit 5,610,000 110,000 550,000 No Date 1 January 02, 2024 Cash Common Stock Additional Paid-In Capital 2 Record the issuance of 41,000 shares of preferred stock for $12 per share. 3 Record the purchase of 11,000 shares of its own common stock for $41 per share. 4 Record the resale of 5,500 shares of treasury stock for $46 per share. 5 Record the declaration of a cash dividend on its common stock of $0.30 per share and a $24,600 (6% of par value) cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) 6 L Record the entry on December 15, the date of record. Record the payment of the cash dividends declared on December 1