Pina Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (102,000 shares authorized, 20,400 shares issued) 102,000 Additional paid-in capital 120,000 Retained earnings 495,000 Total $917,000 During 2017, Pina took part in the following transactions concerning stockholders equity. 1. Paid the annual 2016 $9 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. Pina uses the cost method. 3. Reissued 600 treasury shares for land valued at $30,400. 4. Issued 480 shares of preferred stock at $105 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 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. Collapse question part (a) Correct answer. Your answer is correct. 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. Entry field with correct answer Dividends Payable - Preferred Stock Entry field with correct answer 18000 Entry field with correct answer Entry field with correct answer Dividends Payable - Common Stock Entry field with correct answer 40800 Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer Entry field with correct answer 58800 2. Entry field with correct answer Treasury Stock Entry field with correct answer 69700 Entry field with correct answer Entry field with correct answer Cash Entry field with correct answer Entry field with correct answer 69700 3. Entry field with correct answer Land Entry field with correct answer 30400 Entry field with correct answer Entry field with correct answer Treasury Stock Entry field with correct answer Entry field with correct answer 24600 Entry field with correct answer Paid-in Capital from Treasury Stock Entry field with correct answer Entry field with correct answer 5800 4. Entry field with correct answer Cash Entry field with correct answer 50400 Entry field with correct answer Entry field with correct answer Preferred Stock Entry field with correct answer Entry field with correct answer 48000 Entry field with correct answer Paid-in Capital in Excess of Par - Preferred Stock Entry field with correct answer Entry field with correct answer 2400 5. Entry field with correct answer Retained Earnings Entry field with correct answer 84920 Entry field with correct answer Entry field with correct answer Common Stock Dividend Distributable Entry field with correct answer Entry field with correct answer 9650 Entry field with correct answer Paid-in Capital in Excess of Par - Common Stock Entry field with correct answer Entry field with correct answer 75270 6. Entry field with correct answer Common Stock Dividend Distributable Entry field with correct answer 9650 Entry field with correct answer Entry field with correct answer Common Stock Entry field with correct answer Entry field with correct answer 9650 7. Entry field with correct answer Retained Earnings Entry field with correct answer 64780 Entry field with correct answer Entry field with correct answer Dividends Payable - Preferred Stock Entry field with correct answer Entry field with correct answer 22320 Entry field with correct answer Dividends Payable - Common Stock Entry field with correct answer Entry field with correct answer 42460 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 2 of 2 used Collapse question part (b) Prepare the December 31, 2017, stockholders equity section. Assume 2017 net income was $326,000. (Enter account name only .Do not provide any descriptive information.) PINA COMPANY Stockholders Equity $ : $