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Exercise 15-18 (Part Level Submission) Wildhorse Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet. Preferred stock,

Exercise 15-18 (Part Level Submission)

Wildhorse 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, 2,000 shares issued) $200,000
Common stock, $5 par (102,000 shares authorized, 20,400 shares issued) 102,000
Additional paid-in capital 134,000
Retained earnings 480,000
Total $916,000

During 2017, Wildhorse 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 $41 per share. Wildhorse uses the cost method.
3. Reissued 700 treasury shares for land valued at $30,200.
4. Issued 530 shares of preferred stock at $106 per share.
5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $48 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.

please show your work so i can understand the process

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