Check my Problem 10-6A Record equity transactions and prepare the stockholders' equity section (L010-2, 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 per preferred, and S1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 130.000 shares of common stock for $68 per share. February 14 Issue 58,00 shares of preferred stock for $13 per share. & Purchase 12.000 shares of its own common stock for $58 per share. May 31 Resell 6,000 shares of treasury stock for 563 per share. December 1 Declare a cash dividend on its common stock of $0.95 per share and $23,200 (of par value) cash dividend on its preferred stock payable to all stockholders of record on December 25. 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 May 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 $488,000. (Amounts to be deducted should be indicated by a minus sign.) Required normation 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net Income for the year was $488,000. (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 Additional Paidin Capital Treasury Stock Total Paid in Capital Retained Earrings Total Stockholders' Equity $ 0 Prev 8 13 12 HE