Required information [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 150 shares of preferred stock and 1,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 1,900 additional shares of common stock for $16 per share. Issue 150 additional shares of preferred stock for $29 per share. Declare a cash dividend on both common and preferred stock of $0.55 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 250 shares of common treasury stock for $13 per share. October 1 Resell 150 shares of treasury stock purchased on August 1 for $15 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,500; Common Stock, $1,900; Additional Paid-in Capital, $18,400; and Retained Earnings, $10,400 Net income for the year ended December 31, 2024, is $7,100. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Common stock Preferred stock Additional paid-in capital Total paid-in capital Treasury stock Retained earnings 3,800 3,000 6,800 Total stockholders' equity 6,800 Required information Balance, January 1 Issue common stock Issue preferred stock Declare dividends Purchase treasury stock For the Year Ended December 31, 2024 Check my work Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ 1,500 $ 1,900 $ 18,400 $ 10,400 $ 0 $ 32,200 1,900 1,500 Resell treasury stock (3,250) (3.250) 2,250 Net income 7,100 Balance, December 31 $ 3,000 $ 3,800 $ 18,400 $ 17.500 $ (3,250) $ 31,200