Required information Problem 10-2B (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] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024 . 150 shares of preferred stock and 1,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,000 additional thares of eommon stock for $10 per share. April 1 Issue 150 additional shares of preferred stoek for 520 per share. Juhe 1 Declare a cash dividend on both eomnon and preferred stoek of $0.25 per share to all stoekholders of record on June 15 . June 30 Pay the cash dividenda declared on June 1. August 1 Purchase 250 shares of comnon treasury stock for $7 per share. October 1 Reinsue 150 shares of treasury stoek purchased on August 1 for $9 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,500; Common Stock, \$1,000; Additional Paid-in Capital, \$17,500; and Retained Earnings, \$9,500. Net income for the year ended December 31,2024 , is $6,650. roblem 10-2B (Algo) Part 1 tequired: . Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in he first account field.) Journal entry worksheet 1 Record the payment of the dividends declared on June 1. Note: Enter debits before credits