[The following information applies to the questions displayed below.] Tennis 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 $59 per share. February 14 Is sue 49,690 shares of preferred stock for $13 per share. May 8 Purchase 12,600 shares of its own common stock for $49 per share. May 31 Rese11 6,908 shares of treasury stock for $54 per share. December 1 Declare a cash dividend on its common stack of $0.55 per share and a $19,600 (4\% of par value) cash dividend on its preferred stock payable to a11 stockholders of record on Decenber 15. The dividend is payable on Decenber 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on Decenber 1. Record the entry on December 15 , the date of record. Note: Enter debits before credits. 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $479,000. (Amounts to be deducted should be indicated by a minus sign.)