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 2024,320 shares of preferred stock and 4,200 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March. 1 Issue 1,300 shares of coemon stoek for $44 per share. May 15 Purchase 420 sharen of treasury stock for $37 per nhare. July 10 Rente11 220 shares of troasury stock purchased on May 15 for $42 per share. Detober 15 Ianue 220 shares of preferred stoek for $47 per ahare. December 1 Declare a eash dividend on both common and preferred atoek of 50.70 per share to all stockholderi of record on December is. (Minti Dividends are not paid on treasury stock.) Decenber 31 pay the eash dividends deelared on Decenter 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, \$320; Common Stock, \$42; Additional Paid-in Capital, \$77,000; and Retained Earnings, \$30,900. Net income for the year ended December 31,2024 , is $11,200. 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 2024,320 shares of preferred stock and 4,200 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March. 1 Issue 1,300 shares of coemon stoek for $44 per share. May 15 Purchase 420 sharen of treasury stock for $37 per nhare. July 10 Rente11 220 shares of troasury stock purchased on May 15 for $42 per share. Detober 15 Ianue 220 shares of preferred stoek for $47 per ahare. December 1 Declare a eash dividend on both common and preferred atoek of 50.70 per share to all stockholderi of record on December is. (Minti Dividends are not paid on treasury stock.) Decenber 31 pay the eash dividends deelared on Decenter 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, \$320; Common Stock, \$42; Additional Paid-in Capital, \$77,000; and Retained Earnings, \$30,900. Net income for the year ended December 31,2024 , is $11,200