Required information [The following information applies to the questions displayed below] Major 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 February 14 May May 31 Issue 110,000 shares of common stock for $70 per share. Issue 60,000 shares of preferred stock for $12 per share. Purchase 11,000 shares of its own common stock for $60 per share. Resell 5,500 shares of treasury stock for $65 per share. December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (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 $490,000 (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Common Stock Preferred Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ 0