Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2018, its first year of operations:

January 2 Issue 110,000 shares of common stock for $70 per share. February 14 Issue 60,000 shares of preferred stock for $12 per share. May 8 Repurchase 11,000 shares of its own common stock for $60 per share. May 31 Reissue 5,500 shares of treasury stock for $65 per share. December 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% 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.

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Majar Longue Apparal has two classes of stock authorizect 6, $10 par prafomed, and St par value commen The follawing transactions affecr sockholders' e quiy during 2018, firsr year of operations January 2 Issue 110,000 shares of common stock for $ 0 per shore Feb uory 14 Issue 60.000 shares of preferred stock tor $12 per shore May 8 Repurchose 11.000 shares of its own common stock for $50 per share May 31 Reissue 5.500 shares of treesury stock for 565 per share $5 ecenter Declare d cash cwdend on ts comrmon s ock ors0.25 pe shere ar d u S36,000 6 December 30 Pey the cash dvidends declered on December 1 payable to all Dnidends are no tpaid on treasury stock of par value ces dividend on its pre e red s uck l s ock viders o record ori Decem ve 5 The umdend is pdydb on December 30. en s ure no pdId on teusury stock. m r Pey the cash kr $65 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Net income for the year was $490,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2018 Stockholders' equity: Common stock Additional paid-in capital S 110,000 Total paid-in capital Treasury stock Retained earnings 110,000 (330,000) Total stockholders' equity 220,000