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.] Golf Apparel has two classes of stock authorized: 4%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: Janusry 2 Issue 120,000 ahares of eoran stoek 200$66 per share. Tebrsary 14 . Ieaue 58,000 sbares of preferred stock for 513 per share. Kay 8 Purchase 12,000 wares of its own comeon stock for $58 per share. Kay 31 Resel1 6,000 shares of treasury ateek for 563 per share. Decenber 1 Declare a cash dividend on 1 ts eceason stock of 50.35 por share and a: 523,200 (4t of par value) cash dividend on its pteferred stock payable to all atockhelders of record on Deceaber 15 . The dividend is payable on Decesber 30 . (Hine, Dividends are not paid on treasury steck.) Desember 10 pay the eash aividends declared on pecerber 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 $488,000 (Amounts to be deducted should be indicated by a minus sign.)