March Required information [The following information applies to the questions displayed below.) Donnie Hufiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 500 shares of preferred stock and 6,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 1 Ion 3,100 shares of common stock for $62 per share. 15 Purchase 600 shares of treasury stock for $55 per share. July 10 Ranell 400 shares of treasury stock purchased on May 15 for $60 per share. 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: 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, 2021: 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, 2021, is $14,800. May October SZOZE%252Fims.Meducation.com%252Fmgh Sve He 1 Required information 1 March 01, 2021 Cash Common Stock Additional Paid-in Capital 2 May 15, 2021 Treasury Stock Cash 3 July 10, 2021 Cash Treasury Stock Additional Paid-in Capital 4 October 15, 2021 Cash Preferred Stock Additional Paid-in Capital 5 December 01. 2021 Dividends Dividends Payable 6 December 15, 2021 No Journal Entry Required 7 December 31, 2021 Dividends Payable Cash