Exercise 15-18 Teal Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock. 9%, $100 par (10,000 shares authorized. 1.900 shares issued) $190,000 Common stock, 55 par (98,000 shares authorized, 19.600 shares issued) 98,000 Additional paid-in capital 117,000 Retained earnings 470,000 Total $875,000 During 2020, Teal took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 59 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 1.700 shares of its own outstanding common stock for 537 per share. Teal uses the cost method. 3. Reissued 700 treasury shares for land valued at $29,500. 4. Issued 450 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 547 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 59 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 the December 31, 2020, stockholders' equity section. Assume 2020 net income was $341,000. TEAL COMPANY Stockholders' Equity December 31, 2020 Capital Stock Preferred Stock 245,000 Common Stock Total Capital Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Tless Treasury Stock Total Stockholders Equity