roblem 10-6A Part 2 Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. Net income for the year was $479,000. mounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2018 Stockholders' equity: Total paid-in capital Total stockholders' equity 0 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 2018, its first year of operations: January 2 Issue 120,000 shares of common stock for $59 per share. February 14 Issue 49,000 shares of preferred stock for $13 per share. May 8 Repurchase 12,000 shares of its own common stock for $49 per share. May 31 Reissue 6,000 shares of treasury stock for $54 per share. December 1 Declare a cash dividend on its common stock of $0.55 per share and a $19,600 (4% of par value) dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on cash December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1