Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 104, 10-5, 10-7) [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 2 Issue 100,600 shares of conmon stock for $58 per share. February 14 Issue 48,800 shares of preferred stock for $11 per share. May 8 Purchase 10,000 shares of its own common stock for $48 per share. May 31 Resett 5 , 00 e shares of treasury stock for $53 per share. Decenber 1 Declare a cash dividend on its comnon stock of $0,60 per share and a $24,000 (5t of par value) cash dividend on its preferred stock payable to all stockholders of record on Decenber 15. The dividend is payable on Decenber 30. (Hint: Dividends are not paid on treasury stock.) Decenber 3e Pay the cash dividends declared on Decenber 1. Problem 10-6A Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Required: 1. Record each of these transactions. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Required information 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2021 . Net income for the year was $478,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct