Required information

Skip to question

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

Donnie Hilfiger has two classes of stock authorized: $$1$ par preferred and $$0\mathrm{.}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 $570$ shares of treasury stock for $$52$ per share.

July $10$ Resell $370$ shares of treasury stock purchased 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\mathrm{.}20$ 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$$ equity accounts on January $1,2024$: Preferred Stock, $$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.$

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.$)$