10-10

Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 103,104,105,107) [The following information applies to the questions displayed below] Golf 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: Januery 2 Issue 100,000 shares of connon stoek for $55 per share. February 14 Issue 45,000 shares of preferred stock for $11 per share. May \$ Parehase 10,000 shares of ita own eosmon stpek for \$45 per share. May 31 Resel1 5,000 shares of treasury steek for $50 per whare. Decenber 1 Declare a cash dividend on its coesen stock of $0.75 per share and a $22,500 (5t of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15 . Fhe dividend is payable on Decenber 30. (Hinti Dividends are not paid on treasury atock.) December 30 pay the cash dividenda declared on December 1 . Problem 10-6A (Algo) Part 2 . Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $475,000. Amounts to be deducted should be indicated by a minus sign.)