[The following information applies to the questions displayed below] Littie League Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of conton stoek for $69 per share. February 14 Itsue 59,000 aharen of preferted stock for $11 per share. May 8 Turchase 10,000 ahares of its own comnon atook for $59 per nhare. Kay 31 Resel1 5,000 shares of treasury stock for $64 per share. December 1 Declare a cash dividend on its conaon stock of $0,30 per share and a $29,500 (5t of par value) cash dividend on 1 ta preferred stock payable to all stockholderi of record on Decenber 15 . zhe dividend is payable on Decenber 30 . (Hint; Dividends are not pold on treasury stoek.) December 30 pay the cash divideads declared on Deceaber- 1. Prepore the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $489,000. Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $489,000. (Amounts to be deducted should be indicated by a minus sign.)