After looking into debt financing through notes, mortgage, and bonds payable, Better Boat Company decides to raise

additional capital for a planned business expansion. The company will be able to acquire cash as well as land adjacent

to its current business location. Before the following transactions, the balance in Common Stock on January $1,2027$ was

$$1,100,000$ and included $110,000$ shares of common stock issued and outstanding. $($There was no Paid$-$In Capital in

Excess of Par$-$Common.$)$ Better Boat Company had the following transactions in $2027$:

$(3)($Click the icon to view the transactions.$)$

Read the requirements.

Preferred Stock$-$$$15$ Par Value

Paid$-$In Capital in Excess of Par$-$Preferred

$150,000$

$30,000$

Issued preferred stock in exchange for land.

Dec. $15$: Declared total cash dividends of $$50,000.$