Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO2, 3, 4, 5) 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 2015, 320 shares of preferred stock and 4,200 shares of common stock have been issued. The following transactions affect stockholders' equity during 2015: March 1Issues 1,300 shares of common stock for $44 per share May July October 15 Issues 220 shares of preferred stock for $47 per share. December 1 Declares a cash dividend on both common and preferred stock of $0.70 per share to all 15 10 Repurchases 420 shares of treasury stock for $37 per share. Reissues 220 shares of treasury stock purchased on May 15 for $42 per share. stockholders of record on December 15. (Hint Dividends are not paid on treasury stock.) December 31 Pays the cash dividends declared on December 1 Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2015: Preferred Stock, $320; Common Stock, $42; Additional Paid-in Capital, $77,000; and Retained Earnings $30,900. Net income for the year ended December 31, 2015, is $11,200