Required information [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024 , its first year of operations: January2February14May8May31December1Issue100,000sharesofcommonstockfor$63pershare.Issue53,000sharesofpreferredstockfor$11pershare.Purchase10,000sharesofitsowncommonstockfor$53pershare.Resell5,000sharesoftreasurystockfor$58pershare.Declareacashdividendonitscommonstockof$0.65pershareanda$26,500(5%ofparvalue)cashdividendonitspreferredstockpayabletoallstockholdersofrecordonDecember15.ThedividendispayableonDecember30.(Hintdividendsarenotpaidontreasurystock.) January 2 Issue 100,000 shares of common stock for \$63 per share. February 14 Issue 53,000 shares of preferred stock for \$11 per share. May 8 Purchase 10,000 shares of its own common stock for \$53 per share. May 31 Resell 5,000 shares of treasury stock for \$58 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $26,500 (5\% 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 $483,000. (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ LITTLE LEAGUE APPAREL } \\ Balance Sheet \\ \hline \multicolumn{1}{|c|}{ (Stockholders' Equity Section) } \\ \hline \multicolumn{1}{|c|}{ December 31, 2024 } \\ \hline Stockholders' Equity: & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Paid-in Capital & \\ \hline & \\ \hline & \\ \hline Total Stockholders' Equity & \\ \hline \hline \end{tabular}