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Required Information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10- 4, 10-5, 10-7) [The following information applies to the questions displayed below] Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 100,000 shares of common stock for $63 per share. February 14 Issue 53,000 shares of preferred stock for $11 per share. May 8 Purchase 10, eee shares of its own common stock for $53 per share. Resell 5,000 shares of treasury stock for $58 per share. May 31 December 1 Declare a cash dividend on its common stock of $0.65 per share and a $26, see (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: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net Income for the year was $483,000. (Amounts to be deducted should be Indicated by a minus sign.).. Answer is complete but not entirely correct. MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Prav Stockholders' Equity: Preferred Stock Common Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity S 530,000 100,000 6.278,000 6.908,000 1 (265,000) $ 6,643,001 Be