Blue Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) Additional paid-in capital Retained earnings 92,500 120,000 413,000 $825,500 Total During 2017, Blue took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2016 $11 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 1,900 shares of its own outstanding common stock for $40 per share. Blue uses the cost method 3. Reissued 600 treasury shares for land valued at $32,100. 4. Issued 530 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 $47 per share 6. Issued the stock dividend. 7. Declared the annual 2017 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. 1. Dividends Payable - Preferred Stock 22000 Dividends Payable -Common Stock 37000 Cash 59000 . Treasury Stock 76000 Cash 76000 3. Land 32100 Treasury Stock 24000 Paid-in Capital from Treasury Stock 8100 cash 55650 Preferred Stock 53000 Paid-in Capital in Excess of Par- Preferred Stock 2650 Retained Earnings 80840 Common Stock Dividend Distributable 8600 Paid-in Capital in Excess of Par- Common Stock 72240 6. Common Stock Dividend Distributable 8600 Common Stock 8600 7Retained Earnings 65670 Dividends Payable - Preferred Stock 27830 Dividends Payable - Common Stock 37840 Click if you would like to Show Work for this question: Open Show Work / Your answer is partially correct. Try again. Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $303,000. BLUE COMPANY Stockholders' Equity December 31, 2017 Capital Stock Preferred Stock 253000 Common Stock 101100 Total Capital Stock 354100 Additional Paid-in Capital 194890 Total Paid-in Capital 546340 Retained Earnings 266490 Total Paid-in Capital and Retained Earnings 812830 Less 52000 Treasury Stock Total Stockholders' Equity 760830 Click if you would like to Show Work for this question: Open Show Work