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 Hilifiger has two classes of stock authoized $1 par preferred and $0.01 par value common As of the beginning of 2015, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders equity during 2015 May Morch 15 Repur October 15 Issues 200 shares of preferred stock for $45 per share July December 1 Deciares a cash dividend on both common and preferred stock of $0.50 per share to all 1 Issues 1,100 shares of common stock for $42 per share 15 Repurchases 400 shares of treasury stock for $35 per share 10 Reissues 200 shares of treasury stock purchased on May 15 for $40 per share stockholders of record on December 15. (Hint Dividends are not pald on treasury stock) Pays the cosh dividends deciared on December 1 December 31 Donnie Hilfliger has the following beginning balances in ts stockholders equity accounts on January 1,2015 Preferred Stock, $300, Common Stock, $40, Additional Paid-in Copital, $76.000, and Retained Earnings. $30.500. Net income for the year ended December 31, 2015, IS $10,800 Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO2, 3,4,5) Section Break value 100 points