Required Information

$[$The following Information applies to the questlons displayed below.$]$

Nautical has two classes of stock authorized: $$10$ par preferred, and $$1$ par value common. As of the beginning of $2024,$

$125$ shares of preferred stock and $3,000$ shares of common stock have been issued. The following transactions affect

stockholders' equity during $2024$:

Nautical has the following beginning balances in Its stockholders' equity accounts on January $1,2024$: Preferred Stock,

$$1,250$; Common Stock, $$3,000$; Additional Pald$-$In Capital, $$19,500$; and Retalned Earnings, $$11,500.$ Net Income for the

year ended December $31,2024,$ is $$7,650.$

Required:

Record each of these transactions. $($If no entry is required for a particular transactlon$/$event$,$ select $"$No Journal Entry Requlred" In

the first account fleld.$)$

Journal entry worksheet

$1$

Record the resale of $125$ shares of treasury stock purchased on August $1$ for

$$9$ per share.

Note: Enter debits before credits.