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 2024,390 shares of preferred stock and 4,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March1May15July10October15December1Declareacashdividendonbothcommonandpreferredstockof$1.40persharetoallstockholdersDecember31PaythecashdividendsdeclaredonDecember1.Issue2,000sharesofcommonstockfor$51pershare.Purchase490sharesoftreasurystockfor$44pershare.Resell290sharesoftreasurystockpurchasedonMay15for$49pershare.Issue290sharesofpreferredstockfor$54pershare.ofrecordonDecember15.(Hint:Dividendsarenotpaidontreasurystock.) March 1 Issue 2,000 shares of common stock for $51 per share. May 15 Purchase 490 shares of treasury stock for $44 per share. July 10 Resell 290 shares of treasury stock purchased on May 15 for \$49 per share. October 15 Issue 290 shares of preferred stock for $54 per share. December 1 Declare a cash dividend on both common and preferred stock of $1.40 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, \$390; Common Stock, \$49; Additional Paid-in Capital, \$80,500; and Retained Earnings, \$32,300. Net income for the year ended December 31,2024 , is $12,600. equired: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in e first account field.)