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Exercise 10-8 (Algo) Prepare the stockholders' equity section (LO10-7) The Clothing Cove has two classes of stock authorized: 7%,$10 par preferred, and $1 par value common. The following transactions affect stockhoiders' equity during 2024, its first year of operations: January 2 Issues 200 , eee shares of comnon stock for $15 per share. February 6 Issues 1,600 shares of 7A preferred stock for $13 per share. September 10 Purchases 12 , eed shares of its own common stock for $20 per share. Decentier 15 Resells 6 , eee shares of treasury stock at $2.5 per share. In its first year of operations, The Clothing Cove has net income of $140,000 and pays dividends at the end of the year of $94,000 (\$1 per share) on all common shares outstanding and $700 on all preferred shares outstanding. Required: Prepare the stockhoiders' equity section of the balance sheet for The Clothing Cove as of December 31, 2024. (Amounts to be dectucted should be indicated by a minus sign.)