Sweet Sixteen has two classes of stock authorized: $$10$ par preferred, and $$1$ par value common. As of the beginning of $2024,150$ shares of preferred stock and $1,000$ shares of common stock have been issued. The following transactions affect stockholders$$ equity during $2024$:

March $1$ Issue $1,000$ additional shares of common stock for $$10$ per share.

April $1$ Issue $150$ additional shares of preferred stock for $$20$ per share.

June $1$ Declare a cash dividend on both common and preferred stock of $$0\mathrm{.}25$ per share to all stockholders of record on June $15.$

June $30$ Pay the cash dividends declared on June $1.$

August $1$ Purchase $250$ shares of common treasury stock for $$7$ per share.

October $1$ Reissue $150$ shares of treasury stock purchased on August $1$ for $$9$ per share.

Sweet Sixteen has the following beginning balances in its stockholders$$ equity accounts on January $1,2024$: Preferred Stock, $$1,500$; Common Stock, $$1,000$; Additional Paid$-$in Capital, $$17,500$; and Retained Earnings, $$9,500.$ Net income for the year ended December $31,2024,$ is $$6,650.$

Required:

$1.$ Record each of these transactions.

$2.$ Select whether each of the following transactions increases $(+)$ or decreases $()$ total assets, total liabilities, and total stockholders' equity. Retained Earrings, $$9,500.$ Net income for the year ended Deicember

$31,2024,$ is $$5,650.$

Pequired:

Receord each of these trarsactions.

equity.

Complete this quextion by entering yeur answers in the tabs below.

Required $1$

Required $2$

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Journal entry worksheet

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