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 110,600 shares of comon stock for 564 per share. rebruary 14 issue 54,080 shares of preferred stack for 512 per share. May 3 Purchase 11,000 stares of its oim conmon stock for $54 per share. Nay 31 Resell 5 , 50e shares of treasury stock for $59 per share. Deceeber 1 Declare a cash dividend on its conmen stock of $0.70 per share and a $32,460(6$ of par value) ch=h dividend on its preferred stock payable to $11 stockholders of record on Decenber 15. The dividend is payable on December 30. (Nint: Dividends are not paid on treasury stoek.) necember 30 Pay the cash dividends declaced on Decenber 1. Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $484,000. Amounts to be deducted should be indicated by a minus sign.)