[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: 2. Prepare the stockholders' equity section of the balance sheet as of December 31,2021 . Net income for the year was $480.000. (Amounts to be deducted should be indicated by a minus sign.)