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: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: 2 Issue 120,e00 shares of common stock for $62 per share January February 14 Issue 52,000 shares of preferred stock for $13 per share May May December 8 Purchase 12,000 shares of its own common stock for $52 per share 31 Resell 6,000 shares of treasury stock for $57 per share 1 Declare a cash dividend on its common stock of $0.60 per share and a $20, 800 (4% 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 $482,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity