ACCT 201 Chapter 10 In Class A Ferauson, Spiceland 4h ed Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10- 4, 10-5) The following information applies no the questions displayed below Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $001 par value common. As of the beginning of 2018, 300 shares of preferred stock and 4.000 shares of common stock have been issued. The following transactions affect stockholders equity during 2018 March 1 Issue 1100 shares of common stock for $42 per share May 15 Purchase 400 shares of treasury stock for $35 per share July 10 Reissue 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 15int Dividends are not pald 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 Jenuary 1, 2018. Preferred Stock, $300, Common Stock, $40, Additional Paid-in Capital, $76,000, and Retained Eamings,$30,500 Net income for the year ended December 31, 2018, Is $10,800 Date Description Debit Credit