Required information trie forbuting information applies to the questions displayed belowi Malor League Apparel has two classes of stock authorized: 6\%, 510 par preferred, and $1 par value common The following transactions affect stockholders' equity during 2024, its first year of operations: Ashisaty 2 isetu 110,000 shaces of cotecon stock fot $70 per share. rebruary t4 tase 60,000 sharen of preferred neock for thi per abace. Way a 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $490,000 (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ MAJOR LEAGUE APPAREL } \\ Balance Sheet \\ \hline \multicolumn{2}{|c|}{ (Stockholders' Equity Section) } \\ \hline December 31, 2024 \\ \hline \\ \hline \\ \hline \\ \hline Total Paid-in Capital \\ \hline \\ \hline Total Stockholders' Equity: & \\ \hline \end{tabular}