Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 150 shares of preferred stock and 1,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 August 1 Issue 1,900 additional shares of common stock for $16 per share. Issue 150 additional shares of preferred stock for $29 per share. Declare a cash dividend on both common and preferred stock of $0.55 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. Purchase 250 shares of common treasury stock for $13 per share. October 1 Resell 150 shares of treasury stock purchased on August 1 for $15 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,500; Common Stock, $1,900; Additional Paid-in Capital, $18,400; and Retained Earnings, $10,400. Net income for the year ended December 31, 2024, is $7,100. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Sweet Sixteen: Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Balance, January 1 Issue common stock Issue preferred stock Declare dividends Purchase treasury stock Resell treasury stock SWEET SIXTEEN Statement of Stockholders' Equity For the Year Ended December 31, 2024 Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity Net income Balance, December 31 $ 0 $ 0 $ 0 $ < Required 1 0 $ 0 $ 0 Required 2 >