Exercise 15-18 (Part Level Submission) Kingbird 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, 2,200 shares issued) $220,000 Common stock, $5 par (100,000 shares authorized, 20,000 shares issued) Additional paid-in capital Retained earnings 100,000 135,000 436,000 $891,000 Total During 2017, Kingbird 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 1,900 shares of its own outstanding common stock for $39 per share. Kingbird uses the cost method. 3. Reissued 700 treasury shares for land valued at $29,500. 4. Issued 450 shares of preferred stock at $105 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 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018