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 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March 1 Issue 2,700 additional shares of common stock for $13 per share. April 1 Issue 175 additional shares of preferred stock for $37 per share. June 1 Declare a cash dividend on both common and preferred stock of $0.40 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 $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31,2024 , is $7,500