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

Preferred stock, 10%, $100 par (10,000 shares authorized, 2,180 shares issued)		$218,000
Common stock, $5 par (109,900 shares authorized, 21,980 shares issued)		109,900
Additional paid-in capital		129,600
Retained earnings		453,000
Total		$910,500

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

1.		Paid the annual 2013 $10 per share dividend on preferred stock and a $3 per share dividend on common stock. These dividends had been declared on December 31, 2013.
2.		Purchased 1,600 shares of its own outstanding common stock for $39 per share. Cleves uses the cost method.
3.		Reissued 660 treasury shares for land valued at $33,430.
4.		Issued 510 shares of preferred stock at $105 per share.
5.		Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share.
6.		Issued the stock dividend.
7.		Declared the annual 2014 $10 per share dividend on preferred stock and the $3 per 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 $348,000.