Required Information (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 Tue 100,000 shares of common stock for 55 per share. February 14 Tue 65,000 shares of preferred stock for 911 per share. Purchase 10,000 shares of its ow n stock for $65 per share. way 31 Mesell 5,000 shares of treasury otok for $50 per share. December 1 Dolare & cash dividend on ita con stock of $0.75 per share and a $22.500 (58 of per value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend to payable on December 30. (Mat. Dividenda et paid on trony stock.) December 30 Pay the cash dividende declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net Income for the year was $475,000 (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity Preferred Stock $ Common Stock Additional Paid in Capital 450,000 100,000 550,000 Total Paldin Capital Retained Eamings Treasury Stock To Stoholders Equity