Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2021: preferred stock, $100,000, common stock, $20,000; additional paid-in capital, $380,000, and retained earnings, $450,000. Net income for the year ended December 31, 2021, is $65,000. The following transactions affected stockholders' equity during 2021: March 1 Issues 3,000 additional shares of $1 par value common stock for $22 per share. April 1 Issues 5,000 additional shares of $100 par value preferred stock for $110 per share. June 1 Declares a cash dividend on common stock of $1 per share and a cash dividend on preferred stock of $5 per share to all stockholders of record on June 15. June 30 Pays the cash dividends declared on June 1. August 1 Purchases 2,000 shares of common treasury stock for $18 per share. October 1 Resells 1,000 shares of treasury stock purchased on August 1 for $20 per share. Taking into consideration the beginning balances and all the transactions during 2021, respond to the following for Sweet Sixteen: Required: 1. Prepare the statement of stockholders' equity for the year ended December 31, 2021. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Required 1 Required 2 Prepare the statement of stockholders' equity for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) SWEET SIXTEEN Statement of Stockholders' Equity For the Year Ended December 31, 2021 Additional Preferred Common Paid in Stock Stock Capital Retained Earnings Treasury Stock Total Stockholders' Equity Balance, January 1 Issue common stock Issue preferred stock Purchase treasury stock Resell treasury stock Cash dividends Net income Balance, December 31 $ 0 $ 0 $ 0$ 0$ 0 $ Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) SWEET SIXTEEN Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Total paid-in capital 0 Total stockholders' equity $ 0