Exercise 15-18 (Part Level Submission)

Sweet 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 (109,500 shares authorized, 21,900 shares issued)		109,500
Additional paid-in capital		117,000
Retained earnings		453,000
Total		$869,500

During 2017, Sweet 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 1,600 shares of its own outstanding common stock for $37 per share. Sweet uses the cost method.
3.		Reissued 600 treasury shares for land valued at $27,400.
4.		Issued 480 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 $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. 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.)