Anne Cleves Company reported the following amounts in the stockholders equity section of its December 31, 2013, balance sheet.

Preferred stock,12%, $100par (10,000 shares authorized,2,320shares issued)		$232,000
Common stock, $5par (106,600shares authorized,21,320shares issued)		106,600
Additional paid-in capital		130,700
Retained earnings		456,600
Total		$925,900

During 2014, Cleves took part in the following transactions concerning stockholders equity.

1.		Paid the annual 2013 $12per share dividend on preferred stock and a $2per share dividend on common stock. These dividends had been declared on December 31, 2013.
2.		Purchased1,600shares of its own outstanding common stock for $39per share. Cleves uses the cost method.
3.		Reissued660treasury shares for land valued at $32,570.
4.		Issued550shares of preferred stock at $105per share.
5.		Declared a10% stock dividend on the outstanding common stock when the stock is selling for $45per share.
6.		Issued the stock dividend.
7.		Declared the annual 2014 $12per share dividend on preferred stock and the $2per share dividend on common stock. These dividends are payable in 2015.

(a) Prepare journal entries to record the transactions described above.

(b) Prepare the December 31, 2014, stockholders equity section. Assume 2014 net income was $331,100.