IndigoCompany reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet.

Preferred stock,11%, $100par (10,000 shares authorized,2,100shares issued)$210,000

Common stock, $5par (104,500shares authorized,20,900shares issued)104,500

Additional paid-in capital135,000

Retained earnings492,000

Total$941,500

During 2017,Indigotook part in the following transactions concerning stockholders' equity.

1.Paid the annual 2016 $11per share dividend on preferred stock and a $2per share dividend on common stock. These dividends had been declared on December 31, 2016.

2.Purchased1,600shares of its own outstanding common stock for $39per share.Indigouses the cost method.

3.Reissued700treasury shares for land valued at $28,700.

4.Issued530shares of preferred stock at $107per share.

5.Declared a10% stock dividend on the outstanding common stock when the stock is selling for $41per share.

6.Issued the stock dividend.

7.Declared the annual 2017 $11per share dividend on preferred stock and the $2per 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

1 Dividends payable-Preferred stock 23100

Dividends payable-common stock 41800

Cash 64900

2 Treasure stock 62400

Cash 62400

3 Land 28700

Treasury stock 27300

Paid in capital from treasury stock 1400

4 Cash 56710

Preferred stock 53000

Pain in capital excess of par-preferred stock 3710

5 Retained earnings 82000

Common stock dividends distributable 10000

Paid in capital in excess of par-common stock 72000

6 Common stock dividends distributable 10000

Common stock 10000

7 Retained earnings My number is wrong

Dividends payable-preferred stock My number is wrong

Dividends payable-common stock My number is wrong