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Donnie Hilfiger has two classes of stock authorized: $$1$ par preferred and $$0\mathrm{.}01$ par value common. As of the beginning of $2024,420$ shares of preferred stock and $5,200$ shares of common stock have been issued. The following transactions affect stockholders$$ equity during $2024$:

March $1$ 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\mathrm{.}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$$ equity accounts on January $1,2024$: Preferred Stock, $$420$; Common Stock, $$52$; Additional Paid$-$in Capital, $$82,000$; and Retained Earnings, $$32,900.$ Net income for the year ended December $31,2024,$ is $$13,200.$

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.$)$

$1.$ Record the issuance of $2,300$ shares of common stock for $$54$ per share.

$2.$ Record the purchase of $520$ shares of treasury stock for $$47$ per share.

$3.$ Record the resale of $320$ shares of treasury stock purchased on May $15$ for $$52$ per share.

$4.$ Record the issuance of $320$ shares of preferred stock for $$57$ per share.

$5.$ Record the declaration of a cash dividend on both common and preferred stock of $$1\mathrm{.}70$ per share to all stockholders. $($Hint: Dividends are not paid on treasury stock.$)$

$6.$ Record the entry on December $15,$ the date of record.

$7.$ Record the payment of the cash dividends declared on December $1.$