Required information

Problem $10-2$B $($Algo$)$ Record equity transactions and indicate the effect on the balance sheet equation $($LO$10-2,10-3,10-4,10-5)$

$[$The following information applies to the questions displayed below.$]$

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 $2,100$ shares of common stock have been issued. The following transactions affect stockholders' equity during $2024$:

March $1$ Issue $2,100$ additional shares of common stock for $$16$ per share.

April $1$ Issue $175$ additional shares of preferred stock for $$31$ per share.

June $1$ Declare a cash dividend on both common and preferred stock of $$0\mathrm{.}55$ per share to all stockholders of record on June $15.$

June $30$ Pay the cash dividends declared on June $1.$

August $1$ Purchase $175$ shares of common treasury stock for $$13$ per share.

October $1$ Reissue $125$ shares of treasury stock purchased on August $1$ for $$15$ per share.

Nautical has the following beginning balances in its stockholders' equity accounts on January $1,2024$: Preferred Stock, $$1,250$; Common Stock, $$2,100$; Additional Paid$-$in Capital, $$18,600$; and Retained Earnings, $$10,600.$ Net income for the year ended December $31,2024,$ is $$7,200.$

Problem $10-2$B $($Algo$)$ Part $1$

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.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Record the issuance of $2,100$ additional shares of common stock for $$16$ per share.