Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7)

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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 share.
February 14	Issue 41,000 shares of preferred stock for $12 per share.
May 8	Purchase 11,000 shares of its own common stock for $41 per share.
May 31	Resell 5,500 shares of treasury stock for $46 per share.
December 1	Declare a cash dividend on its common stock of $0.30 per share and a $24,600 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30	Pay the cash dividends declared on December 1.

. 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.)

\begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ LITTLE LEAGUE APPAREL } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ (Stockholders' Equity Section) } \\ \hline \multicolumn{2}{|c|}{ December 31, 2024 } \\ \hline Stockholders' Equity: & \\ \hline Common Stock & 110,000 \\ \hline Preferred Stock & 410,000 \\ \hline & \\ \hline & 520,000 \\ \hline Total Paid-in Capital & \\ \hline Treasury Stock & 82,000 \\ \hline Retained Earnings & $02,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ LITTLE LEAGUE APPAREL } \\ \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ (Stockholders' Equity Section) } \\ \hline \multicolumn{2}{|c|}{ December 31, 2024 } \\ \hline Stockholders' Equity: & \\ \hline Common Stock & 110,000 \\ \hline Preferred Stock & 410,000 \\ \hline & \\ \hline & 520,000 \\ \hline Total Paid-in Capital & \\ \hline Treasury Stock & 82,000 \\ \hline Retained Earnings & $02,000 \\ \hline \end{tabular}