Exercise 15-18 Flint Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued) $210,000 Common stock, $5 par (91,000 shares authorized, 18,200 shares issued) 91,000 Additional paid-in capital 130,000 Retained earnings 448,000 Total $879,000 During 2020, Flint took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $43 per share. Flint uses the cost method. 3. Reissued 800 treasury shares for land valued at $35,100. 4. Issued 540 shares of preferred stock at $107 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. 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 Debit Credit 1. I Dividends Payable . Preferred 23100 Dividends Payable. Common 36400 Cash 59500 2. Treasury Stock 77400 Cash 77400 3. Land 35100 Treasury Stock 34400 Paid-in Capital from Treasury Stock 700 Cash 57780 Preferred Stock 54000 Paid-in Capital in Excess of Par - Preferred Stock 3780 5. Retained Earnings 79120 Common Stock Dividend Distributable 8600 Paid-in Capital in Excess of Par - Common Stock 70520 6. No Entry 0 E No Entry 0 7. Retained Earnings . Y 66880 Dividends Payable - Preferred 29040 Dividends Payable - Common Your answer is partially correct. Try again. Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $336,000. (Enter account name only.Do not provide any descriptive information.) FLINT COMPANY Stockholders' Equity December 31, 2020 x A X $