Balance sheet

Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LOIO-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below.] 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 February 14 May 8 May 31 December 1 December 30 Issue 12,o shares of common stock for $65 per share. Issue 55, shares of preferred stock for $13 per share. Purchase 12, o shares of its own common stock for $55 per share. Resell 6, shares of treasury stock for $60 per share. Declare a cash dividend on its common stock of $0.75 per share and a $22,e of par value) cash dividend on its preferred stock payable to att stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Pay the cash dividends declared on December 1. Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $485,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. GOLF APPAREL Balance Sheet (Stockholders' Equity Section) December , 2024 Stockholders' Equity: Preferred Stock Common Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity 550 120,000 8,545,000 485 (330,000) e