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Current Attempt in Progress Concord Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 11%, $100 par (100,000 shares authorized, 27,000 shares issued) $2,700,000 Common stock, $1 par (1,000,000 shares authorized, 294,000 shares issued) 294,000 Additional paid-in capital-common 1,023,000 Retained earnings 1.431.000 Total $5,448,000 During 2020, Concord took part in the following transactions concerning stockholders' equity. 1 Paid the annual 2019 dividend on preferred stock and a $0.50 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,000 shares of its own outstanding common stock for $8 per share. Concord uses the cost method. Reissued 1,000 treasury shares for land with an appraised value of $8,600. Concord's common shares were trading for $8.50 per share. 3. 4. Issued 55,000 shares of common stock at $9 per share. 5. Declared and recorded a 2:1 stock split on the outstanding common stock when the stock is selling for $10 per share. 6. Declared the annual 2020 dividend on preferred stock and the $0.50 per share dividend on common stock. These dividends are payable in 2021 repare journal entries to record the transactions described above. Assume transactions occurred in the order presented. (Cr count titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for count titles and enter Ofor the amounts.) No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred 297000 Dividends Payable. Common 147000 Cash 444000 2. Treasury Stock 8000 8000 Cash 3. Land 8500 500 Paid-in Capital in Excess of Stated Value - Common Stock Treasury Stock 8000 4. Cash 495000 Common Stock 55000 Paid-in Capital in Excess of Par-Common Stock 440000 5. 5. No Entry 0 No Entry 6. Retained Earnings 471000 Dividends Payable - Preferred 297000 Dividends Payable - Common 175000 W Prepare the December 31, 2020. stockholders' equity section. Assume 2020 netincome was $655,000. (Ente Do not provide any descriptive information.) CONCORD COMPANY Stockholders' Equity December 31, 2020 Capital Stock Preferred Stock $ VA 297000 Common Stock 147000 Total Capital Stock 444000 Additional Paid-in Capital ( Paid-in Capital in Excess of Stated Value - Common Stock 500 Paid-in Capital in Excess of Par-Common Stock 55000 Total Paid-in Capital > Retained Earnings Total Stockholders' Equity > e Textbook and Media