Exercise 15-18 (Part Level Submission) Headland 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, 1,800 shares issued) $180,000 Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) 93,000 Additional paid-in capital 130,000 Retained earnings 467,000 Total $870,000 During 2020, Headland took part in the following transactions concerning stockholders' equity. 1. 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. 2. Purchased 1,500 shares of its own outstanding common stock for $41 per share. Headland uses the cost method. 3. Reissued 800 treasury shares for land valued at $35,600. 4. Issued 550 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 $46 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. Your answer is partially correct. Try again. 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 0 for the amounts.) No. Account Titles and Explanation Debit Credit X 1. Dividends Payable - Common 18000 Dividends Payable - Common 37200 Cash 55200 2. Treasury Stock 61500 Cash 61500 3. Land 35600 Treasury Stock 32800 X Paid-in Capital in Excess of Par - Preferred Stock 2800 4. Cash 57200 Preferred Stock 55000 55000 Paid-in Capital in Excess of Par - Preferred Stock 2200 5. Retained Earnings 82340 Common Stock Dividend Distributable 9650 Paid-in Capital in Excess of Par - Common Stock 72690 6. Common Stock Dividend Distributable 9650 X Common Sto 9650 XI 7. Retained Earnings 61115 Dividends Payable - Preferred 18655 X Dividends Payable - Common 42460 Click if you would like to Show Work for this question: Open Show Work