Ayayai Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued)		$180,000
Common stock, $5 par (93,000 shares authorized, 18,600 shares issued)		93,000
Additional paid-in capital		130,000
Retained earnings		467,000
Total		$870,000

During 2017, Ayayai took part in the following transactions concerning stockholders equity.

1.		Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.
2.		Purchased 1,500 shares of its own outstanding common stock for $41 per share. Ayayai uses the cost method.
3.		Reissued 800 treasury shares for land valued at $35,600.
4.		Issued 550 shares of preferred stock at $104 per share.
5.		Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.
6.		Issued the stock dividend.
7.		Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.

Prepare journal entries to record the transactions described above.

No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Common Stock 37200 Dividends Payable Preferred Stock 18000 Cash 55200 2. Treasury Stock 61500 Cash 61500 3. Land 35600 Treasury Stock 32800 Paid-in Capital from Treasury Stock 2800 4. Cash 57200 Preferred Stock 55000 Paid-in Capital in Excess of Par Preferred Stock 2200 5. Retained Earnings 85560 Common Stock Dividend Distributable 55000 Paid-in Capital in Excess of Par - Common Stock 55000 6. Common Stock Dividend Distributable 18600 Common Stock 18600 7. Retained Earnings 64420 Dividends Payable Preferred Stock 23500 Dividends Payable - Common Stock 40920