Exercise 10-7 (Algo) Record issuance of stock and treasury stock transactions (LO10-2, 10-3, 10-4) The Clothing Cove has two classes of stock authorized: 9%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $32 per share. February 6 Issues 2,700 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $37 per share. December 15 Resells 5,500 shares of treasury stock at $42 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.) View transaction list View journal entry worksheet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline \multirow[t]{3}{*}{%} & 1 & January 02,2024 & Cash & 3,200,000 & \\ \hline & & & Common Stock & & 100,000 \\ \hline & & & Additional Paid-in Capital & & 3,100,000 \\ \hline \multirow[t]{3}{*}{%} & 2 & \begin{tabular}{c} February 06, \\ 2024 \\ \end{tabular} & Cash & 29,700 & \\ \hline & & & Preferred Stock & & 27,000 \\ \hline & & & Additional Paid-in Capital & & 2,700 \\ \hline \multirow[t]{2}{*}{%} & 3 & \begin{tabular}{c} September 10 \\ 2024 \end{tabular} & Treasury Stock & 407,000 & \\ \hline & & & Cash & & 407,000 \\ \hline & 4 & \begin{tabular}{c} December 15 \\ 2024 \end{tabular} & Cash & 231,000 & \\ \hline & & & Treasury Stock & & 192,500 \\ \hline & & & Additional Paid-in Capital & & 38,500 \\ \hline \end{tabular}