• Sweet Sixteen has two classes of stock authorized:$10par preferred, and$1par value common. As of the beginning of 2024,100 shares of preferred stock and 1,500 shares of common stock have been issued. The following transactions affect stockholders equity during 2024 : March 1 Issue 1,500 additional shares of common stock for$2θper share. Apr11 1 Issue 200 additional shares of preferred stock for$25 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.75per share to all stockholders of record on June 15 . June 30 Pay the cash dividends declared on June 1 . August 1 Purchase 200 shares of common treasury stock for$17 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for$19per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock,$1,000 . Common Stock,$1,500 : Additional Paid-in Capital,$18,000 ; and Retained Earnings,$10,000 . Net income for the year ended December 31,2024, is $6,900