Required information Problem 10-2A (Static) 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 2024,300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March 1 Issue 1,100 shares of common stock for $42 per share. May 15 Purchase 400 shares of treasury stock for $35 per share. July 10 Resell 200 shares of treasury stock purchased on May 15 for $40 per share. October 15 Issue 200 shares of preferred stock for $45 per share. December 1 Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1 . Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, \$300; Common Stock, $40; Additional Paid-in Capital, \$76,000; and Retained Earnings, $30,500. Net income for the year ended December 31,2024 , is $10,800. Problem 10-2A (Static) Part 1 Required: . 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 7 Record the issuance of 1,100 shares of common stock for $42 per share. Note: Enter debits before credits. Journal entry worksheet 7 Record the purchase of 400 shares of treasury stock for $35 per share. Note: Enter debits before credits. Journal entry worksheet Record the resale of 200 shares of treasury stock purchased on May 15 for $40 per share. Note: Enter debits before credits. Journal entry worksheet 17 Record the issuance of 200 shares of preferred stock for $45 per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend on both common and preferred stock of $0.50 per share to all stockholders. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet Record the entry on December 15, the date of record. Note: Enter debits before credits. Journal entry worksheet 1 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits