Exercise 10-12 (Algo) Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Taking Flight Corporation designs and produces a line of golf equipment and golf apparel. Taking Flight has 100,000 shares of common stock outstanding as of the beginning of 2024. Taking Flight has the following transactions affecting stockholders' equity in 2024 March 1 Issues 58,000 additional shares of $1 par value common stock for $55 per share. May 10 Purchases 5,300 shares of treasury stock for $58 per share. June 1 Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,650 shares of treasury stock purchased on May 10 for $63 per share. 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.) Journal entry worksheet Record the issuance of 58,000 additional shares of $1 par value common stock for $55 per share. Note: Enter debits before credits