Required information [The following information applies to the questions displayed below.] 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 $0.25 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. Vote: Amounts to be deducted should be indicated by a minus sign