BLUE COMPANY Stockholders' Equity December 31, 2020 Property, Plant and Equipment IS Preferred Stock 280,000 5 Common Stock 96000 X Total Capital Stock 226,000 Additional Paid-in Capital 113,000 X Total Paid-in Capital 194920 Retained Earnings 449,000 X Total Paid in Capital and Retained Earnings 318800 Less Treasury Stock 75600 X Total Stockholders' Equity 844,820 Exercise 15-18 (Part Level Submission) Blue 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, 1,800 shares issued) $180,000 Common stock, $5 par (96,000 shares authorized, 19,200 shares issued) 96,000 Additional paid-in capital 113,000 Retained earnings 449,000 Total $838,000 During 2020, Blue took part in the following transactions concerning stockholders' equity. 1. Pald the annual 2019 59 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had beer declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $42 per share. Blue uses the cost method. 3. Reissued 800 treasury shares for land valued at $34,500. 4. Issued 460 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 $49 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends ar payable in 2021 No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred 16,200 Dividends Payable - Common 38,400 Cash 54,600 2. Treasury Stock 75,600 Cash 75,600 3. Land 34,500 Treasury Stock 33,600 Paldin Capital from Treasury Stock 900 4. Cash 47,840 Preferred Stock 46,000 Pald-in Capital in Excess of Por Preferred Stock 1840 Cash 47,840 Preferred Stock 46,000 Pald-in Capital in Excess of Par - Preferred Stock 1840 5. Retained Earnings 89180 Common Stock Dividend Distributable 9100 Pald-in Capital in Excess of Par Common Stock 80,080 6. Common Stock Dividend Distributable 9100 Common Stock 9100 7. Retained Earnings 41540 E2 Dividends Payable. Preferred 22600 Dividends Payable. Common 18200