Exercise 15-18 Cheyenne Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (102,000 shares authorized, 20,400 shares issued) Additional paid-in capital Retained earnings 102,000 134,000 480,000 $916,000 Total During 2017, Cheyenne took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2016 $10 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 1,800 shares of its own outstanding common stock for $41 per share. Cheyenne uses the cost method. 3. Reissued 700 treasury shares for land valued at $30,200 4. Issued 530 shares of preferred stock at $106 per share 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $48 per share. 6. Issued the stock dividend. 7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018 Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $329,000. (Enter account name only. Do not provide any descriptive information.) CHEYENNE COMPANY Stockholders' Equity