Blue Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (103,500 shares authorized, 20,700 shares issued) 103,500 Additional paid-in capital 114,000 Retained earnings 423,000 Total $820,500 During 2020, Blue took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2 Purchased 1,500 shares of its own outstanding common stock for $43 per share. Blue uses the cost method. 3. Reissued 600 treasury shares for land valued at $27,100. 4. Issued 550 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 $41 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred 18000 Dividends Payable - Common 41400 Cash 59400 2. Treasury Stock 64500 Cash 64500 3. Land 27.100 Treasury Stock 25800 Paid-in Capital from Treasury Stock 1300 4. 4 Cash 57750 Preferred Stock 55000 Paid-in Capital in Excess of Par-Preferred Stock 2750 5. Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par-Common Stock . AUTO ULTUREN 6. Common Stock Dividend Distributable Common Stock 7. Retained Earnings Dividends Payable - Preferred Dividends Payable-Common