Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 450 shares of preferred stock and 5,500 shares of common stock have been issued. The following transactions affect stockholders equity during 2021:

March		1		Issue 2,600 shares of common stock for $57 per share.
May		15		Purchase 550 shares of treasury stock for $50 per share.
July		10		Resell 350 shares of treasury stock purchased on May 15 for $55 per share.
October		15		Issue 350 shares of preferred stock for $60 per share.
December		1		Declare a cash dividend on both common and preferred stock of $2.00 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, 2021: Preferred Stock, $450; Common Stock, $55; Additional Paid-in Capital, $83,500; and Retained Earnings, $33,500. Net income for the year ended December 31, 2021, is $13,800.

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.)

• Record the issuance of 2,600 shares of common stock for $57 per share.
• Record the purchase of 550 shares of treasury stock for $50 per share.
• Record the resell 350 shares of treasury stock purchased on May 15 for $55 per share.
• Record the issuance of 350 shares of preferred stock for $60 per share.
• Record the declaration of a cash dividend on both common and preferred stock of $2.00 per share to all stockholders. (Hint: Dividends are not paid on treasury stock.)
• Record the entry on December 15.
• Record the cash dividends declared on December 1.

  2. Select whether each of the following transactions increases ( + ) or decreases ( ) total assets, total liabilities, and total stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.)

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Transaction Total Assets Total Liabilities Total Stockholders' Equity Issue common stock Purchase treasury stock Resell treasury stock Issue preferred stock Declare cash dividends Pay cash dividends