Required information

Problem $10-2$B $($Algo$)$ Record equity transactions and

indicate the effect on the balance sheet equation $($LO$10-2,$

$10-3,10-4,10-5)$

$[$The following information applies to the questions displayed below.$]$

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 $1,100$ shares of common stock have been issued.

The following transactions affect stockholders' equity during $2024$:

March $1$ Issue $1,100$ additional shares of common stock for

$$11$ per share.

April $1$ Issue $175$ additional shares of preferred stock for

$$21$ per share.

June $1$ Declare a cash dividend on both common and preferred

stock of $$0\mathrm{.}30$ 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 $$8$

per share.

October $1$ Reissue $125$ shares of treasury stock purchased on

August $1$ for $$10$ per share.

Nautical has the following beginning balances in its stockholders'

equity accounts on January $1,2024$: Preferred Stock, $$1,250$;

Common Stock, $$1,100$; Additional Paid$-$in Capital, $$17,600$; and

Retained Earnings, $$9,600.$ Net income for the year ended December

$31,2024,$ is $$6,700.$

Problem $10-2$B $($Algo$)$ Part $1$

Required:

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.$)$