Problem 10-2B (Algo) Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5)

Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 1,400 shares of common stock have been issued. The following transactions affect stockholders equity during 2024:

March 1	Issue 1,400 additional shares of common stock for $14 per share.
April 1	Issue 175 additional shares of preferred stock for $24 per share.
June 1	Declare a cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15.
June 30	Pay the cash dividends declared on June 1.
August 1	Purchase 175 shares of common treasury stock for $11 per share.
October 1	Reissue 125 shares of treasury stock purchased on August 1 for $13 per share.

Nautical has the following beginning balances in its stockholders equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $1,400; Additional Paid-in Capital, $17,900; and Retained Earnings, $9,900. Net income for the year ended December 31, 2024, is $6,850.

Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Date March 01, 2024 Record the issuance of 1,400 additional shares of common stock for $14 per share. Note: Enter debits before credits. 4 5 6 General Journal Debit Credit > 2 Record the issuance of 175 additional shares of preferred stock for $24 per share. 3 4 5 6 Record the declaration of cash dividend on both common and preferred stock of $0.45 per share to all stockholders of record on June 15. Record the payment of the dividends declared on June 1. Record the purchase of 175 shares of common treasury stock for $11 per share. Record the resale of 125 shares of treasury stock purchased on August 1 for $13 per share. Problem 10-2B (Algo) Part 2 2. Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.) Transaction Issue common stock Issue preferred stock Declare cash dividends Pay cash dividends Purchase treasury stock Resell treasury stock Total Assets Total Liabilities Total Stockholders' Equity