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 55,000 additional shares of $1 par value common stock for $52 per share. May 10 Purchases 5,000 shares of treasury stock for $55 per share. June 1 Declares a cash dividend of $1.50 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash oividend declared on June 1. October 21 Resells 2,500 shares of treasury stock purchased on May 10 for $60 per share. Required: Record each of these transactions. (If no entry is required for a porticular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet