$0.01 par value common. As of the beginning of 2022, 320 shares of preferred stock and 4,200 shares of common stock have been issued. The following transactions affect stockholders' equity during 2022: March 1 Issue 1,300 shares of common stock for $44 per share. May 15 Purchase 420 shares of treasury stock for $37 per share. July 10 Resell 220 shares of treasury stock purchased on May 15 for $42 per share. October 15 Issue 220 shares of preferred stock for $47 per share. December 1 Declare a cash dividend on both common and preferred stock of $0.70 per share to all stockholders of record on December 15. (Hint: Dividends per share are the same amounts for both common and preferred stock. Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Hoyas, Inc. has the following beginning balances in its stockholders' equity accounts on January 1, 2022: Preferred Stock, $320 Common Stock, $42. Additional Pald-in Capital, $77,000; and Retained Earnings, $30,900. Net income for the year ended December 31, 2022, is $11,200. 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.)