Required information Problem 10-2A (Algo) 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 2024,470 shares of preferred stock and 5,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 2,800 shares of common stock for $59 per share. May 15 Purchase 570 ohares of treasury stock for $52 per share. July 10 Resel1 370 shares of treasury stoek purehased on May 15 for \$57 per share. October 15 Issue 370 shares of preferred stock for $62 per share. December 1 Declare a cash dividend on both common and preferred stock of $2.20 per share to a11 stookholders 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, \$470; Common Stock, \$57; Additional Paid-in Capital, $84,500; and Retained Earnings, $33,900 : Net income for the year ended December 31,2024 , is $14,200. roblem 10-2A (Algo) Part 2 Select whether each of the following transactions increases (+) or decreases ( - ) total assets, total liabilities, and total stockholders' quity. (If none of the categories apply for a particular item, leave the cell blank.) 2. Select whether each of the following transactions increases (+) or decreases () total assets, total liabilities, and total stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.)