March May Hoyas, Inc. has two classes of stock authorized: 51 par preferred and $0.01 par value common. As of the beginning of 2022,500 shares of preferred stock and 6,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2022; 1 Issue 3,100 shares of common stock for $62 per share. 15 Purchase 600 shares of treasury stock for $55 per share. July 10 Resell 400 shares of treasury stock purchased on May 15 for $60 per share. October 15 Issue 400 shares of preferred stock for $65 per share. 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. (Hint: Dividende per share are the same amounts for both common and preferred stock. Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Hoyas, Inc. has the following beginning balances in its stockholders' equity accounts on January 1, 2022: 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, 2022, is $14,800 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 Journal entry worksheet 1 Record the issuance of 3,100 shares of common stock for $62 per share. Prev On 1 2 of 2 Next >