_{Everything is correct except for journal entries 5 and 7. I do not know what to put for the debit and credits of those two entries.}

Required information (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 2021, 390 shares of preferred stock and 4,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,000 shares of common stock for $51 per share. May 15 Purchase 490 shares of treasury stock for $44 per share. July 10 Resell 290 shares of treasury stock purchased on May 15 for $49 per share. October 15 Issue 290 shares of preferred stock for $54 per share. December 1 Declare a cash dividend on both common and preferred stock of $1.40 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, $390; Common Stock, $49; Additional Paid-in Capital, $80,500; and Retained Earnings, $32,300. Net income for the year ended December 31, 2021, is $12,600. Required: 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.) View transaction list View journal entry worksheet Credit No 1 Debit 102,000 Date General Journal March 01, 2021 Cash Common Stock Additional Paid-in Capital 101,989 2 May 15, 2021 Treasury Stock 21,560 Cash 21,560 3 July 10, 2021 14,210 Cash Treasury Stock Additional Paid-in Capital 10,780 3,430 4 15,660 October 15, 2021 Cash Preferred Stock Additional Paid-in Capital 290 15,370 December 01, 2021 Dividends Dividends Payable 6 December 15, 2021 No Journal Entry Required December 31, 2021 Dividends Payable Cash