Bonita 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, 1,900 shares issued) $190,000 Common stock, $5 par (98,000 shares authorized, 19,600 shares issued) Additional paid-in capital Retained earnings Total 98,000 117,000 470,000 $875,000 During 2020, Bonita took part in the following transactions concerning stockholders' equity. 1. 2. 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 1,700 shares of its own outstanding common stock for $37 per share. Bonita uses the cost method. 3. Reissued 700 treasury shares for land valued at $29,500. 4. Issued 450 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 $47 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 are payable in 2021. Your Answer Correct Answer (Used) Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) No. Account Titles and Explanation 1. Dividends Payable Common Dividends Payable-Preferred Cash 2. Treasury Stock Cash 3. Land Treasury Stock Paid in Capital from Treasury Stock Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par Common Stock 6. Common Stock Dividend Distributable Debit Credit 39.200 17,100 62.900 29.500 56.300 62,900 25,900 3,600 46,800 45.000 87,420 9,300 1.800 9,300 78.120 Common Stock 9.300 7 Retained Earnings 62070 Dividend Payable Common 40,920 Dividends Payable Preferred 21.150 Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $341,000. (Enter account name only Do not provide any descriptive information.) BONITA COMPANY Stockholders' Equity > $