Pacioll Company has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2022, its first year of operations: January 2 Issue 100,000 shares of common stock for $58 per share. February 14 Issue 48,000 shares of preferred stock for $11 per share. May May 8 Purchase 10,000 shares of its own common stock for $48 per share.. 31 Resell 5,000 shares of treasury stock for $53 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $24,000 (5% 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: To find the total dividends declared, find the amount of common divideends and add to the amount given for preferred dividends. 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, 2022. Net income for the year was $478,000. (Amounts to be deducted should be indicated by a minus sign.) PACIOLI COMPANY Balance Sheet (Stockholders' Equity Section) December 31, 2022 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity $ 0