Required information [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 2021,470 shares of preferred stock and 5,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: 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 Resel1 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 $2.20 per share to al1 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 1,2021 : Preferred Stock, $470; Common Stock, $57; Additional Paid-in Capital, $84,500; and Retained Earnings, $33,900. Net income for the year ended December 31,2021 , is $14,200. Record the issue of common stock. Note: Enter debits before credits. Record the purchase of treasury stock. Note: Enter debits before credits. Note: Enter debits before credits. Record the issue of preferred stock. Note: Enter debits before credits. Record the declaration of cash dividend. Note: Enter debits before credits. Record the entry on the date of record. Note: Enter debits before credits. Record the payment of cash dividends declared. Note: Enter debits before credits