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 conmon stock for $52 per share. February 14 Issue 42,e shares of preferred stock for $11 per share. May 8 Purchase 10,600 shares of 1 ts own common stock for 542 per share. May 31 Resel1 5, 890 shares of treasury stock for $47 per share. Deceaber 1 Declare a cash dividend on its connon stock of $0.35 per share and a $21, 690 (5k of par value) cash dividend on its preferred stock payable to al1 stockholders of record on December 15 . The divldend is payable on December 30. (Hint: Dividends are not pald on treasury stock.) December 30 Pay the cash dividends declared on December 1. Required: 1. Record each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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: Jantary 2 Issue 1e,ee shares of common stock for $52 per share. February 14 Issue 42,06e shares of preferred stock for $11 per share. May 8 Purchase 18,ee shares of its own common stock for $42 per share. May 31 Rese11 5,609 shares of treasury stock for $47 per share. December 1 Declare a cash dividend on 1 ts common stock of $0.35 per share and a $21, 89e ( 5% of par value) cash dividend on its preferred stock payable to all stockholders of record on Deceaber 15. The dividend is payable on December 30 . (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on Decenber 1 . 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $472,000. (Amounts to be deducted should be indicated by a minus sign.)