Required information The following information applies to the questions displayed below.] Lttle League Apparel has two classes of stock authorized: 6%,$10 por preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 110 , ebe shares of comon stock for $1 per share. February 14 Issue 41 , 600 shares of preferred stock for $12 per share. May 31 Reset2 5,500 shares of treasury 5 tock for $46 per share. Decenter 1 Dectare a cash dividend on its comon stock of $0.30 per share and a $24,69a (6s of par vatue) cash dividend on its preferred stock payabte to atl stockholders of record on Decenber 15 . The dividend is payable on December 30. (Mint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on Decent: 1. The following information applies to the questions displinyed below. Litte Loopue Apparel has two classes of stock authorized: 6%,$10 par preferred, and $1 par value common. The following transoctions affect stocicholders' equify during 2024 , its first year of operations: January 2 Issue 110 , eae shares of comen stock for $51 per share. February 14 Issue 41, 0ea shares of preferfed stock for $12 per shire. May 8 Purchase 11 , eae shares of its own comon stock for 541 per share, May 31 Resell 5,50 b shares of treasury stock for $46 per share. Decenber 1 Declare a cash dividend on its comon stock of 50,39 per thare and a $24,600 (6s of par vatue) cash dividend on its preferred stock payable to ali stocksolders of record on Decenter 15 . The dividend is payable on Deceeber 30. (Hint: Dividends are not paid on treasury stock.) becenber 30 poy the cash dividends dectared on Decenber.1. 2. Prepare the stockhoiders' 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.)