[The following information applies to the questions displayed below.] Little League 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 110,000 shares of coonon ntock for $4 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own conmon stoek for $44 per share. May 31 Resel1 5,500 whares of trealury stoek for $49 per nhare. Decenber 1 Declare a cash dividend on its comon stoek of $0.45 per thare and a $26,400(61 of par value) cash dividend on its preferred stook payable to all stockholders of record on Decenber 15. The dividend is payable on Decenber 30. (Bint: OLividends are not paid on treasury stock.) Decorber 30 Pay the cash dividends declared on Decenber 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $474,000. Amounts to be deducted should be indicated by a minus sign.)