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: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $54 per share. February 14 Issue 44,000 shares of preferred stock for $12 per share. May May 8 Purchase 11,000 shares of its own common stock for $44 per share. Resell 5,500 shares of treasury stock for $49 per share. 31 December 1 Declare a cash dividend on its common stock of $0.45 per share and a $26,400 (6% 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 $474,000. (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 $