Required information [The following information applies to the questions displayed below.] Golf 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 $65 per share. February 14 Issue 55,000 shares of preferred stoek for $13 per share. May 8 Purehase 12,000 shares of lts oun common stock for $55 per share. May 31 Resel1 6,000 shares of treasury stock for $60 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,000 (48 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. (Hintt Dividends are not paid on treasury stock.) December 30 pay the cash dividends deelared on December 1. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $485,000. mounts to be deducted should be indicated by a minus sign.)