Required information [The following information applies to the questions displayed below) Tennis Apparel has two classes of stock authorized: 6%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 110,000 shares of conmon stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share. Kay 8 Purchase 11,000 shares of its own common stock for \$57 per share. May 31 Resel1 5,500 mbares of treasury stoek for $62 por share. December 1 Declare a cash dividend on its comen stock of 50,40 per share and a $34,200 (6t of par value) cash dividend on its preferred stoek payable to all stoekholders of record on Deceeber 15 . The dividend is payable on December 30. (Hinti Dividends are not paid on treasury stock.) Decerber 30 Pay the cash dividends declared on Deceeber 1 . Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $487.000. mounts to be deducted should be indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $487,000. (Amounts to be deducted should be indicated by a minus sign.)