Problem 10-2A Record equity transactions and indicate the effect on the balance sheet equation (LO10-2, 10-3, 10-4, 10-5) The following information applies to the questions displayed below.) Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 420 shares of preferred stock and 5,200 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 1 Issue 2,300 shares of common stock for $54 per share. May 15 Purchase 520 shares of treasury stock for $47 per share. July 10 Resell 320 shares of treasury stock purchased on May 15 for $52 per share. October 15 Issue 320 shares of preferred stock for $57 per share. December 1 Declare a cash dividend on both common and preferred stock of $1.70 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, $420; Common Stock, $52; Additional Paid-in Capital, $82,000; and Retained Earnings, $32,900. Net income for the year ended December 31, 2021, is $13,200. Problem 10-2A Part 1 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.) X Answer is not complete. No Credit Date March 01, 2021 Debit 124,200 1 General Journal Cash Common Stock Additional Paid-in Capital 23 124,177 2 May 15, 2021 24,440 Treasury Stock Cash 24,440 July 10, 2021 16,640 Cash Preferred Stock Additional Paid-in Capital 15,040 1,600 - 4 18,240 October 15, 2021 Cash Preferred Stock 320