Pearl Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) Common stock, $5 par (110,000 shares authorized, 22,000 shares issued) Additional paid-in capital Retained earnings $200,000 110,000 132,000 419,000 $861,000 Total During 2017, Pearl took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016 2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Pearl uses the cost method. 3. Reissued 600 treasury shares for land valued at $28,400. 4. Issued 480 shares of preferred stock at $103 per share 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share. 6. Issued the stock dividend. 7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per 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 O for the amounts.) No. Account Titles and Explanation 1 Dividends Payable-Common Stock Debit Credit Dividends Payable Preferred Stock Cash 2. Treasury Stock Cash 3 Land Treasury Stock Paid-in Capital in Excess of Par - Common Stock 4 Cash Preferred Stock Paid-in Capital in Excess of Par- Preferred Stock 5. Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock 6. Common Stock Dividend Distributable Common Stock Retained Earnings Dividends Payable Preferred Stock Dividends Payable - Common Stock Prepare the December 31, 2017, stockholders' equity section. Assume 2017 net income was $312,000. (Enter account name only. Do not provide any descriptive information.) PEARL COMPANY Stockholders' Equity December 31, 2017 Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less Treasury Stock Total Stockholders' Equity