Return to question Problem 10-5A Understand stockholders' equity and the statement of stockholders' equity (LO10-7) The following information applies to the questions displayed below) Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 100 shares of preferred stock and 3,500 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021 March Issue 1,200 shares of common stock for $97 per share. May 15 Purchase see shares of treasury stock for $50 per share. July 10 Reseli 300 shares of treasury stock purchased on May 25 for 535 per share. October 15 Issue 500 shares of preferred stock for $40 per share. December 1 Declare a cash dividend on both common and preferred stock of $1.00 per share to all stockholders of record on December 15. (HERE: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2021 Preferred Stock $100. Common Stock $35. Additional Paid in Capital, $71000, and Retained Earnings. $28,000. Net income for the year ended December 31, 2021, is $10,300 Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021. respond to the following for Donnie Hilfiger Required: 1. Prepare the stockholders equity section of the balance sheet as of December 32021 Amounts to be deducted should be indicated by a minussi Answer is not complete DONNIE HUFIGER Balance sheet (Stockholders Equity Section December 31, 2021 Stockholders' equity Common stock Pred to 500 Aston 900,000 Rends Treasurystok