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The Clothing Cove has two classes of stock authorized: 7%,$10 par preferred, and $1 par...

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Accounting

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The Clothing Cove has two classes of stock authorized: 7%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, is first year of operations: January 2 Issues 100 , eae shares of comon stock for $24 per share. February 5 Issues 1,980 shares of 74 preferred stock for $13 per share. Septenber 16 purchases 12 ,eoe shares of 1ts ewn comon stock for $29 per share. Decenber 15 Reselts 6 , eeo shares of treasury stock at $34 per share. In its first year of operations. The Clothing Cove has net income of $149,000 and pays dividends at the end of the year of $94,000 (\$1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding. Required: Prepare the stochholders' equity section of the bolance sheet for The Clothing Cove as of December 31, 2024, (Amounts to be deducted should be indicated by a minus sign.)

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