Ch 10 Q 10-11

IThe following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024,125 shares of preferred stock and 2,100 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 2, 16e additional shares of common stock for $16 per share. Aprit 1 Issve 175 additionat shares of preferred stock for $31 per share. June 1 Declare a cash dividend on both common and preferred stock of 50.55 per share to all stockholders of record on June 15 . June 30 Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of coenon treasury stock for $13 per share. October 1 Resell 125 shares of treasury stock purchased on Avgust 1 for $15 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, \$1,250; Common Stock, \$2,100; Additional Paid-in Capital, \$18,600; and Retained Earnings, \$10,600. Net income for the year ended December 31,2024 , is $7,200. Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Nautical: Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the statement of stockholders' equity for the year ended December 31 , 2024. (Amounts to be deducted should be indicated by a minus sign.)