Ayayai Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 2,200 shares issued) $220,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) Additional paid-in capital Retained earnings Total 92,500 130,000 447,000 $889,500 During 2020, Ayayai took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. Purchased 1,800 shares of its own outstanding common stock for $38 per share. Ayayai uses the cost method. 3. Reissued 600 treasury shares for land valued at $29,500.