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 $2021,$ 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 $8$ Purchase $11,000$ shares of its own common stock for $$60$ per share. May $31$ Resell $5,500$ shares of treasury stock for $$65$ per share. December $1$ Declare a cash dividend on its common stock of $$0\mathrm{.}25$ per share and a $$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 $1.2.$ Prepare the stockholders' equity section of the balance sheet as of December $31,2021.$ 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$\text{'}$ Equity Section$)$ December $31,2021$ Stockholders' Equity: Total Paid$-$in Capital Total Stockholders' Equity $