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 2024,125 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. Apri1 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 $0.30 per share 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 10-2B (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" in the first account field.) Journal entry worksheet 3 6 Record the issuance of 1,100 additional shares of common stock for $11 per share. Note: Enter debits before credits. Journal entry worksheet Record the issuance of 175 additional shares of preferred stock for $21 per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15 . Note: Enter debits before credits. Journal entry worksheet Record the payment of the dividends declared on June 1. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 175 shares of common treasury stock for $8 per share. Note: Enter debits before credits. Journal entry worksheet Record the resale of 125 shares of treasury stock purchased on August 1 for $10 per share. Note: Enter debits before credits