Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: \$1 par preferred and $0.01 par value common. As of the beginning of 2024,300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,100 shares of common stock for $42 per share. May 15 Purchase 400 shares of treasury stock for $35 per share. July 10 Resell 200 shares of treasury stock purchased on May 15 for $40 per share. October 15 Issue 200 shares of preferred stock for $45 per share. December 1 Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1 . Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, \$300; Common Stock, \$40; Additional Paid-in Capital, $76,000; and Retained Earnings, $30,500. Net income for the year ended December 31,2024 , is $10,800. Taking into consideration the beginning balances on January 1,2024 and all the transactions during 2024 , respond to the following for Donnie Hilfiger: Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . (Amounts to be deducted should be indicated by a minus sign.)