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Required information Problem 10-2A (Algo) Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) [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 2024,500 shares of preferred stock and 6,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 3,100 shares of common stock for $62 per share. May 15 Purchase 600 shares of treasury stock for $55 per share. July 10 Resell 400 shares of treasury stoek purchased on May 15 for $60 per share. Oetober 15 tesue 400 thares of preferred stock for $65 per nhare. December 1 Declare a cash dividend on both common and preferred stock of $2.50 per share to all stockholders of record on December 15. (Hintz 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, 2024: Preferred Stock, \$500; Common Stock, \$60; Additional Paid-in Capital, $86,000; and Retained Earnings, $34,500. Net income for the year ended December 31,2024 , is $14,800. Journal entry worksheet 1 2 3 Record the declaration of a cash dividend on both common and preferred stock of $2.50 per share to all stockholders. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits