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 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 3,990 shares of comon stock for 561 per share, May 15 Purchase 590 shares of treasury stock for $54 per share. July 10 Resell 39 shares of treasury stock purchased on May 15 for $59 per share. October 15 Issue 390 shares of preferred stock for $64 per share. December 1 Declare a cash dividend on both common and preferred stock of $2.40 per share to al1 stockholders of recond on Decenber 15. (Hint: Dlvidends are not paid on treasury stock.) Decenber 31 Pay the cash dividends declared on Decenber 1. Donnie Hilfiger has the following beginning balances in its stockholders equity accounts on January 1, 2024: A eferred 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. 2. Select whether each of the following tansactions increases () or decreases () total assets, toral liabilities, and total stockholders equity, (If none of the categories apply for a particular item, leave the cell blenk.)