Nautical has two classes of stock authorized: $$10$ par preferred, and $$1$ par value common. As of the beginning of $2024,125$ shares of preferred stock and $3,000$ shares of common stock have been issued. The following transactions affect stockholders' equity during $2024$:Nautical has the following beginning balances in its stockholders' equity accounts on January $1,2024$: Preferred Stock, $$1,250$; Common Stock, $$3,000$; Additional Paid$-$in Capital, $$19,500$; and Retained Earnings, $$11,500.$ Net income for the year ended December $31,2024,$ is $$7,650.$

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.$)$

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Journal entry worksheet

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