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Required information [The following information applies to the questions displayed below] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value
Required information [The following information applies to the questions displayed below] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024. 125 shares of preferred stock and 1,700 shares of common stock have been issued. The foliowing transactions affect stockholders equity during 2024 : March 1 Issue 1,700 additional shares of comen stock for $18 per share. April 1 Issue 175 additional shares of preferred stock for $27 pen share. June 1 Declare a cash dividend on both conmon and preferred stock of 50,63 per stiare to all stockholders of cecord on June 15 Zure 30 Pay the eash dividends declared on June 1 . August 1 Purchase 175 shares of conbon treasury stock for $15 per share. october 1 Rese11 125 shares of treasury stock purchased on August 1 for $17 per share. Nautical has the following beginning bolances in its stockholders' equity accounts on January 1, 2024: Preferred Stock. \$1,250; Common Stock, \$1,700: Additional Paid in Capital, \$18,200; and Retained Earnings. \$10,200. Net income for the year ended December 31.2024, is $7,000. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical: 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.) 2. Prepare the statement of stockholders' equity for the year ended December 31,2024 . (Amounts to be deducted should be indicoted by a minus sign.)
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