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E 10-3 Preferred stock held by parent with dividend arrearage On January 1, 2014, Pop AG purchased 750 shares of outstanding preferred stock from Ron AG, its 90 percent-owned affiliate, at $100 per share. The stockholders' equity of Pop AG at the time was as follows: Common stockholders' equity $415,000 Preferred stockholders' equity (1,000 shares, 104 call price $114,000 per share, $10 per share dividend arrearage) Ron reported net income of $50,000 and passed dividend during 2014. REQUIRED: Prepare the necessary entries needed for Pop AG to account for the transactions above