Flounder Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet.

Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued)		$180,000
Common stock, $5 par (103,500 shares authorized, 20,700 shares issued)		103,500
Additional paid-in capital		114,000
Retained earnings		423,000
Total		$820,500

During 2020, Flounder took part in the following transactions concerning stockholders equity.

1.		Paid the annual 2019 $10 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 1,500 shares of its own outstanding common stock for $43 per share. Flounder uses the cost method.
3.		Reissued 600 treasury shares for land valued at $27,100.
4.		Issued 550 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 $41 per share.
6.		Issued the stock dividend.
7.		Declared the annual 2020 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021.

Prepare journal entries to record the transactions described above