Hoop It Up has two classes of stock authorized: 7 %, $20 par value preferred and $1 par value common. The following transactions affected stockholders' equity during 2021, its first year of operations: February 2 Issues 1 million shares of common stock for $20 per share. February 4 Issues 50,000 shares of preferred stock for $21 per share. June 15 Purchases 100,000 shares of its own common stock for $18 per share. August 15 Resells 75,000 shares of treasury stock for $23 per share. November 1 Declares a cash dividend on its common stock of $1 per share and a $70,000 (7% of par value) cash dividend on its preferred stock payable to all stockholders on record on November 15. Hint: Dividends are not paid on treasury stock. November 30 Pays the dividends declared on November 1. Required: 1. Record each of these transactions. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $3,200,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $3,200,000. (Amounts to be deducted should be indicated by a minus sign.) HOOP IT UP Balance Sheet (Stockholders' Equity Section)