Required information [The following information applies to the questions displayed below] Golf 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: January 2 Issue 100,000 shares of connon stock for $58 per share. February 14 Issue 48 , eee shares of preferred stock for $11 per share. May a Purchase 10,008 shares of 1 ts own comnon stock for $48 per share. May 31 Resell 5 , eeb shares of treasury stock for $53 per share. Decenter 1 Dectare a cash dividend on its comaon stock of 50,60 per share and o $24,000 (5v of par value) cash dividend on 1 ts preferred stock payable to all stockhotders of record on Decenber 15. The dividend is payable on Decenber 3 . (Hint: Dividends are not paid on treasury stock.) Decenter 30 pay the cash dividends declared on Deceaber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $478,000. (Amounts to be deducted should be indicated by a minus sign.)