Exercise 15-18 Nash 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, 1,900 shares issued) $190,000 Common stock, $5 par (101,000 shares authorized, 20,200 shares issued) 101,000 Additional paid-in capital 125,000 Retained earnings 431,000 Total $847,000 During 2017, Nash 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 $43 per share. Nash uses the cost method. 3. Reissued 700 treasury shares for land valued at $31,600. 4. Issued 530 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 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred Stock 19000 Dividends Payable - Common Stock 38000 2 Cash 57000 2. Treasury Stock 77400 Cash 77400 - 3. Land 31600 Treasury Stock 29900 Paid-in Capital from Treasury Stock Treasury Stock - 1700 4. Cash 120 Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock 5. Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock 6. Common Stock Dividend Distributable Common Stock Retained Earnings Dividends Payable - Preferred Stock TIT Dividends Payable - Common Stock Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $314,000. (Enter account name only. Do not provide any descriptive information.) NASH COMPANY Stockholders' Equity December 31, 2017 Capital Stock Preferred Stock Tcommon Stock Total Capital Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Treasury Stock Total Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work