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, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $42 per share. May 15 Purchase 400 shares of treasury stock for $35 per share. July 10 Resell 200 shares of treasury stock purchased on May 15 for $40 per share. October 15 Issue 200 shares of preferred stock for $45 per share. December 1 Declare a cash dividend on both common and preferred stock of $0.50 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, 2021: Preferred Stock, $300; Common Stock, $40; Additional Paid-in Capital, $76,000; and Retained Earnings, $30,500. Net income for the year ended December 31, 2021, is $10,800. 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.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 March 01, 2021 Cash 46,200 Common Stock 11 Additional Paid-in Capital 46,189 2 May 15, 2021 14,000 Treasury Stock Cash 14,000 3 July 10, 2021 Cash 8,000 Treasury Stock Additional Paid-in Capital 7,000 1,000 4 9,000 October 15, 2021 Cash Preferred Stock Additional Paid-in Capital 200 8,800 5 December 01, 202 Retained Earnings 2,700 Dividends Payable Dividends 2,450 X 250 X 6 December 15, 202 No Journal Entry Required 7 December 31, 202 Dividends Payable 2,700 Cash 2,700