[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, 460 shares of preferred stock and 5,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March May 1 Issue 2,700 shares of common stock for $58 per share. 15 Purchase 560 shares of treasury stock for $51 per share. July 10 Resell 360 shares of treasury stock purchased on May 15 for $56 per share. October 15 Issue 360 shares of preferred stock for $61 per share. December 1 Declare a cash dividend on both common and preferred stock of $2.10 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 Debember 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, $460, Common Stock, $56; Additional Paid-in Capital, $84,000; and Retained Earnings, $33,700. Net income for the year ended December 31, 2021, is $14,000.