14 Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: Part 2 of 2 January 2 Issue 120,000 shares of common stock for $56 per share. February 14 Issue 46,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $46 per share. May 31 Resell 6,000 shares of treasury stock for $51 per share. December 1 Declare a cash dividend on its ommon stock of $0.70 per share and a $18,400 (4% 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. points 1 points 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $476,000. (Amounts to be deducted should be indicated by a minus sign.) X Answer is not complete. MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Preferred Stock $ 460,000 Common Stock 120,000 Additional Paid-in Capital 580,000 Total Paid-in Capital Retained Earnings Treasury Stock