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how do I do this? Buffalo Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. $190,000 Preferred
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Buffalo Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. $190,000 Preferred stock, 10%, $100 par (10,000 shares authorized, 1,900 shares issued) 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 2020, Buffalo 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. Purchased 1,600 shares of its own outstanding common stock for $37 per share. Buffalo uses the cost method. Reissued 600 treasury shares for land valued at $27,400. 2. 3. 4 5. Issued 480 shares of preferred stock at $105 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $47 per share Issued the stock dividend. Declared the annual 2020 $10 pershare dividend on preferred stock and the 52 per share dividend on common stock. These dividends are payable in 2021 6. 7. Prepare joumal entries to record the transactions described above. (Credit account titles are automatically inderred when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounits.) No. Account Titles and Explanation Debit Credit 1 Dividends Payable - Preferred 19000 DMidends Payable - Common 43800 dash 62800 2 Treasury Stock V 59200 dash V 59200 3. Land 27400 Treasury Stock 22200 Pald-in Capital from Treasury stock V 5200 4 Caen V 50.000 Preferred Sock V 48000 Pald-in Capital In Excess of Par. Preferred 500k 2003 S Derained Earlings V 98230 CO Stock Didend Disable 10450 Sald-in Capletne of Par. Cortion Stock V 2780 mon Stoekoidend Debutale V 10450 Commons V 0-50 7 18 Olderde parable oman 45200 orderde payableres 90 Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $306,000. (Enter account name only Do not provide any descriptive information) BUFFALO COMPANY Stockholders' Equity
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