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Problem 10-5B Understand stockholders' equity and the statement of stockholders' equity (LO10-7) [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021 , 125 shares of preferred stock and 1,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021 : March 1 Is sue 1,700 additional shares of common stoek for $1 per share. April 1 lssue 175 additional shares of preferred stoek tor $27 per share. June 1 peclare a eash dividend on beth eenten and preterred stock of 50,65 per share to a 21 steckholdera of recerd en June is. June30 Pay the cash dividends declared on June 1. Nugast 1 Purehase 175 shares of cocmon treasury btook for 515 per share. Octeber 1 hesel1 125 shares of tressury stoek porehased on August 1 for 517 per share. Nautical has the following beginning balances in its stockholders' equity occounts on January 1, 2021: Preferred Stock, \$1,250; Common Stock, \$1,700; Additional Paid-in Capital, \$18,200; and Retained Earnings, \$10,200. Net income for the year ended December 31,2021 , is $7,000. Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021, respond to the following for Nautical: Problem 10-5B Part 1 Required: 1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)