Required information Problem 10-2A (Algo) Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [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 2024, 390 shares of preferred stock and 4,900 shares of common stock have been issued. The following transactions offect stockholders' equity during 2024: Mareh 1 Issue 2,000 sharen of common stock for $51 per ahare. May 15 Purchase 490 shares of treasury stock for $44 per share. July 10 Resell 290 shares of treasury stock purehased on May 15 tor $49 per share. october 15 insue 290 shares of proferred stock for $54 per share. decenber 1 Declare a cash dividend on both common and preferred stock of $1.40 per share to all atockholdera of record on December 15. (Mint; pividends are not paid on treasury stock.) December 31 Pay the cash dividends deelared on becember 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $390; Common Stock, \$49; Additional Paid-in Capital, $80,500; and Retained Earnings, $32,300. Net income for the year ended December 31,2024 , is $12,600. Problem 10-2A (Algo) Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" the first account field.) 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "N the first account field.) Journal entry worksheet 1 7 Record the declaration of a cash dividend on both common and preferred stock of $1.40 per share to all stockholders. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet 1 2 3 7 Record the entry on December 15, the date of record. Note: Enter debits before credits: Journal entry worksheet 1 (2) 3 4 5 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits