May League Appa el has two classes of stock thorized 4%, STO par preferred, and $1 par value con operations: on. The foll ing transactions ect stockholders' equity during 20 8 its first year January 2 Issue 120,000 shares of common stock for $53 per share. February 14 Issue 43,000 shares of preferred stock for $13 per share. May 8 Repurchase 12.000 shares of its own common stock for $43 per share. May 31 Reissue 6,000 shares of treasury stock for $48 per share December 1 Declare e cash d dend on its common stock of SO 40 per share an $1 200 4% of par vaue cash didend on its prese red stock pr abie to atock holders of ecord on December 15. The dlvidend is payable on December 30. (Hint Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1 Required information 4.00 points 2. Prepare the stockholders equity section of the balance sheet as of December 31, 2018. Net incorne for the yoar was $473,000. (Amounts to be deducted should be indicated by a minus sign) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders Equity Section 31, 2018 Stockholders equity Total paid-in capital Total stockholders' equity