Check my work 14 Required information The following information applies to the questions displayed below. Part 2 of 2 2 1.5 points 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: eBook January 2 Issue 120,000 shares of common stock for $50 per share. February 14 Issue 40,000 shares of preferred stock for $13 per share. May 8 Purchase 12,000 shares of its own common stock for $40 per share. May 31 Resell 6,000 shares of treasury stock for $45 per share. December 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (48 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. Print References 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $470,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity Preferred Stock Common Stock Additional Paid-in Capital 120,000 120,000 Total Paid-in Capital Retained Earnings Treasury Stock 425,500 Total Stockholders' Equity $ 545,500