Exercise 15-18 Elizabeth Company reported the following amounts in the stockholders equity section of its December 31, 2012, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,200 shares issued) $220,000 Common stock, $5 par (107,400 shares authorized, 21,480 shares issued) 107,400 Additional paid-in capital 133,300 Retained earnings 474,100 Total $934,800 During 2013, Elizabeth took part in the following transactions concerning stockholders equity. 1. Paid the annual 2012 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2012. 2. Purchased 2,740 shares of its own outstanding common stock for $39 per share. Elizabeth uses the cost method. 3. Reissued 660 treasury shares for land valued at $34,710. 4. Issued 570 shares of preferred stock at $108 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. 6. Issued the stock dividend. 7. Declared the annual 2013 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2014. (a) Prepare journal entries to record the transactions described above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1 2 3 4 5 6 7 (b) Prepare the December 31, 2013, stockholders equity section. Assume 2013 net income was $333,400. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.) ELIZABETH COMPANY Stockholders Equity December 31, 2013 $ : $