Required information Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below] Tennis 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 110,600 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for $12 per share, May 8 Purchase 21 , eee shares of its own comon stock for $57 per share. May 31 Resel1 5,500 shares of treasury stock for $62 per share. December 1 Declare a cash dividend on its common stock of 30.40 per share and a $34,200 (6\$ of par value) cash dividend on its preferred stock payable to a11 stockholders of record on Decenber 15. The dividend is payable on December 38. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on Deceeber 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 $487.000 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $487,000. (Amounts to be deducted should be indicated by a minus sign.)