Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2015, 100 shares of preferred stock and 2, 900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2015: Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2015: Preferred Stock, $1,000; Common $2, 900; Paid-in Capital, $19, 400; and Retained Earnings, $11.400. Net income for the year ended December 31, 2015, is $7600. Record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" first account field.)