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Golf 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 $2$ Issue $120,000$ shares of common stock for $$62$ per share.

February $14$ Issue $52,000$ shares of preferred stock for $$13$ per share.

May $8$ Purchase $12,000$ shares of its own common stock for $$52$ per share.

May $31$ Resell $6,000$ shares of treasury stock for $$57$ per share.

December $1$ Declare a cash dividend on its common stock of $$0\mathrm{.}60$ per share and a $$20,800(4\%$ of par value$)$ cash dividend on its preferred stock payable to all stockholders of record on December $15.$ The dividend is payable on December $30.($Hint: Dividends are not paid on treasury stock.$)$

December $30$ Pay the cash dividends declared on December $1.$

$1.$ Record the issuance of $120,000$ shares of common stock for $$62$ per share.

$2.$ Record the issuance of $52,000$ shares of preferred stock for $$13$ per share.

$3.$ Record the purchase of $12,000$ shares of its own common stock for $$52$ per share.

$4.$ Record the resale of $6,000$ shares of treasury stock for $$57$ per share.

$5.$ Record the declaration of a cash dividend on its common stock of $$0\mathrm{.}60$ per share and a $$20,800(4\%$ of par value$)$ cash dividend on its preferred stock payable to all stockholders. The dividend is payable on December $30.($Hint: Dividends are not paid on treasury stock.$)$

$6.$Record the entry on December $15,$ the date of record.

$7.$ Record the payment of the cash dividends declared on December $1.$

$8.$ Prepare the stockholders$$ equity section of the balance sheet as of December $31,2024.$ Net income for the year was $$482,000.$