Required informotion [The following information applies to the questions displayed below] Tennis Apparel has two classes of stock authonized 4%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations. Janwary 2 Issue 120,000 shares of comon stock for 356 per share. february 14 issue 46,000 shares of preferred stock for $13 per share. Hay a Purchase 12,000 shares of its own comon stock for 316 per share. Hay 31 Aesell 6,000 shares of treasury stock for 151 per share. Oecenber 1 Declare a cash dividend on Its conman stock of 50.70 per share and a $16,400 (45 of par value) cash dividend on its prefecred stock payable to a11 stockholders of record on becember 15. The dividend is payoble on oecenber sa. (Hint) olvidends are not paId on treasury stock.) Decenber so Pay the cash dividends declared on Decesber 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 occount field.) Required information [The following information applies to the questions displayed below] Temnis Apparel has two classes of stock authorized: 4%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Is sue 120,690 shares of comon stock for $56 per share. February 14 Issue 46,600 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its oin comson stock for s46 per share. Hay 31 Resel11 6,600 shares of tressury stock for $51 per share. Decenber 1 Declare a cash dividend on its cormon stock of $0.70 per share and a 318,400 (4x of par value) cash dividend on its preferred stock payable to all stockholders of recocd on Decenber 15. The dividend is payable on Decenber 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 $476,000 (Amounts to be deducted should be indicoted by a minus sign.)