Carla 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, 1,900 shares issued) $190,000 Common stock, $ 5 par ( 109,500 shares authorized, 21,900 shares issued) 109,500 Additional paid-in capital 117,000 Retained earnings 453,000 Total $ 869,500 During 2020, Carla took part in the following transactions concerning stockholders' equity. 1. 2. 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. Purchased 1,600 shares of its own outstanding common stock for $ 37 per share. Carla uses the cost method. Reissued 600 treasury shares for land valued at $ 27,400. . Issued 480 shares of preferred stock at $ 105 per share. 3. 4. 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 $ 10 per share dividend on preferred stock and the $ 2 per share dividend on common stock. These dividends are payable in 2021. (a) ! - Your answer is partially correct. 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred 19,000 Dividends Payable-Common - 43,800 Cash 62.800 2. Treasury Stock 59,200 Cash 59,200 3. Land 27.400 Treasury Stock 22,200 Paid-in Capital from Treasury Stock 5,200 4. Cash 50,400 Preferred Stock 48.000 Paid-in Capital in Excess of Par - Preferred Stock 2,400 5. Retained Earnings V 4.230 Common Stock Dividend Distributable 450 Paid-in Capital in Excess of Par - Common Stock 3.780 . 6. Common Stock Dividend Distributable V 450 Common Stock 450 7. Retained Earnings 23.800 Dividends Payable - Preferred 45.980 Dividends Pavable - Common 69780