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Required information [The following information applies to the questions displayed below] Little League Apparel has two classes of stock authorized: 5%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 160,ee shares of common stock for $69 per share. february 14 Issue 59,000 shares of preferred stock for $11 per share. May 8 Purchase 19,606 shares of its own comon stock for 559 per shace. May 31 These11 5, bap shares of treasury stock for $64 per share. December 1 Declare a cash dividend on Its comen stock of 50.30 per share and a $29,500 (5\% of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenter 15 . The dividend is payable on December 3e. (itint z Dividends are not paid on treasury stock.) Deceeber 30 Pay the cash divldends declared on Decenber 1. Required: 1. Record each of these transactions. (If no entry is required for a transoction/event, select "No Journal Entry Required" in the first occount field.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2024 . Net income for the year was $489,000. (Amounts to be deducted should be indicated by o minus sign.)

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