don't quite understand this one.

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.] 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 common stock for $51 per thare. February 14 tssue 41,000 shares of preferred atoek for \$12 per share. May 8 . Purchase 11,000 ahares of ita own conmon stock for $41 per share. May 31 Resel1 5,500 shares of treasury stock for $46 per share. December 1 Deelare a cash dividend on its common stock of 50.30 per share and a $24,600 (60 of par value). eash dividend on its preterred atook payable to all atookboldern of record on Decenber 15. The dividend in payable on December 30. (Mintt pividends are not paid on treasury atock.) December 30 Pay the eanh dividends deolared on Decenber 1 . 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $471,000. (Amounts to be deducted should be indicated by a minus sign.)