Flint 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, 2,100 shares issued) $210,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid-in capital 132,000 Retained earnings 434,000 Total $868,500

During 2017, Flint 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 $40 per share. Flint uses the cost method. 3. Reissued 600 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 $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.) No. Account Titles and Explanation Debit Credit Dividends Payable Preferred Stock 1 Dividends Payable Common Stock Cash Treasury Stock 2. x Cash 3 Land Treasury Stock x Unrealized Holding Gain or Loss Income Cash 4 Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock 5. Retained Earnings Dividends Payable Common Stock Paid-in Capital in Excess of Par Common Stock x x Dividends Payable Common Stock 6 Cash Retained Earnings 7 x Dividends Payable Preferred Stock Dividends Payable Common Stock Your answer is incorrect. Try again. Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $321,000. (Enter account name only. Do not provide any descriptive information.) FLINT COMPANY Stockholders' Equity For the Year Ended December 31, 2017 Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less Treasury Stock Total Stockholders' Equity Open Show Work click if you would like to Show Work for this