Problem 10-2A (Algo) Record equity transactions ano indicate the effect on the balance she quation (LO10-2, 10-3, 10-4, 10-5) (The following information applies to the questions displayed below] Donnie Hifiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024,490 shares of preferred stock and 5,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March 1 Issue 3,000 shares of common stock for $61 per share. May 15 Purchase 590 shares of treasury stock for $54 per share. July ie Resell 390 shares of treasury stock purchased on May 15 for $59 per shar: Dctober 15 issue 390 shares of preferred stock for $64 per share. Decenber 1 Declare a cash dividend on both common and preferred stock of $2.40 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, 2024: Preferred Stock, \$490; Common Stock, \$59; Additional Paid-in Capital, \$85,500; and Retained Earnings, \$34,300. Net income for the year ended December 31,2024 , is $14,600. Problem 10-2A (Algo) Part 1 lequired: Record each of these transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in he first account field.) Journal entry worksheet 567 Record the issuance of 3,000 shares of common stock for $61 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 590 shares of treasury stock for $54 per share. Note: Enter debits before credits. Journal entry worksheet (n) 4 5 6 7 Record the resale of 390 shares of treasury stock purchased on May 15 for $59 per share. Note: Enter debits before credits. Journal entry worksheet (1) 2 Record the issuance of 390 shares of preferred stock for $64 per share. Note: Enter debits before credits. Journal entry worksheet 2 6 7 Record the declaration of a cash dividend on both common and preferred stock of $2.40 per share to all stockholders. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet (1) 2 3 4 5 6 7 Record the entry on December 15, the date of record. Note: Enter debits before credits. Journal entry worksheet (1) 2 3 4 5 6 Record the payment of the cash dividends declared on December 1. Note: Enter debits before credits