Novak Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued) Common stock, $5 par (104,500 shares authorized, 20,900 shares issued) Additional paid-in capital Retained earnings Total 1. 2. $210,000 3. 104,500 135,000 During 2025, Novak took part in the following transactions concerning stockholders' equity. 492,000 $941,500 Paid the annual 2024 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Novak uses the cost method. Reissued 700 treasury shares for land valued at $28,700.

During 2025. Novak took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2024$11 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31,2024. 2. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Novak uses the cost method. 3. Reissued 700 treasury shares for land valued at $28,700. 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 2025$11 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026. a) Prepare journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.)