thank you for the help! Major League Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 parvalue common. The following transactions affect stockholders' equity during 2021, Its first year ofoperations:2 Issue 120, 000 shares of common stock for $56 per share.JanuaryFebruary 14 Issue 46,000 shares of preferred stock for $13 per share.MayMay8 Purchase 12,000 shares of its own common stock for $46 per share.31 Resell 6,000 shares of treasury stock for $51 per share.1 Declare a cash dividend on its common stock of $e.70 per share and a $18,400 (4%of par value) cash dividend on its preferred stock payable to all stockholders ofrecord on December 15. The dividend is payable on December 30. (Hint: Dividendsare not paid on treasury stock.)DecemberDecember 30 Pay the cash dividends declared on December 1.2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the yearwas $476,000. (Amounts to be deducted should be Indicated by a minus sign.)MAJOR LEAGUE APPARELBalance Sheet(Stockholders' Equity Section)December 31, 2021Stockholders' Equity:Total Paid-in CapitalTotal Stockholders' Equity

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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 2021, Its first year of operations: January February 14 Issue 46,000 shares of preferred stock for $13 per share. May May December 1 Declare a cash dividend on its common stock of $0.70 per share and a $18,400 (4% 2 Issue 120,000 shares of common stock for $56 per share. 8 Purchase 12,000 shares of its own common stock for $46 per share. 31 Resell 6,000 shares of treasury stock for $51 per share. of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. 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. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the was $476,000. (Amounts to be deducted should be Indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity $4