$1$

Required information

$[$The following information applies to the questions displayed below.$]$

Donnie Hilfiger has two classes of stock authorized: $$1$ par preferred and $$0\mathrm{.}01$ par value common. As of the beginning of $2024,320$ shares of preferred stock and $4,200$ shares of common stock have been issued. The following transactions affect stockholders' equity during $2024$:

March $1$ Issue $1,300$ shares $of$ common stock for $$44$ per share.

May $15$ Purchase $420$ shares $of$ treasury stock for $$37$ per share.

July $10$ Resell $220$ shares $of$ treasury stock purchased $on$ May $15$

for $$42$ per share.

$0$ctober $15$ Issue $220$ shares of preferred stock for $$47$ per share.

December $1$ Declare a cash dividend on both common and preferred stock of $$0\mathrm{.}70$ 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, $$320$; Common Stock, $$42$; Additional Paid$-$in Capital, $$77,000$; and Retained Earnings, $$30,900.$ Net income for the year ended December $31,2024,$ is $$11,200.$

Required:

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.$)$