Preferred stock, 10%, $100 par (10,000 shares authorization, 2,000 shares issued) Common stock, $5 par (100,000 shares authorized, 20,000 shares issued) Additional paid-in capital Retained eamings During Sunset took Total following transactions concerning stockholders' equity. $200,000 100,000 125,000 450,000 2021. $875,000 part in the 1. Paid the annual 2020 $10 per share dividend on preferred stock and a $3 per share dividend on common stock. These dividends had been declared on December 31, 2020 2. Purchased 2,700 shares of its own outstanding common stock for $40 per share Sunset uses the cost method. 3. Reissued 700 treasury shares for land valued at $30,000. 4. Issued 500 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 $45 per share 6. Issued the stock dividend 7. Declared the annual 2021 $10 per share dividend on preferred stock and the $3 per share dividend on common stock. These dividends are payable in 2022. Instructions (a) Prepare joumal entries to record the transactions described above. (14 marks) (b) Prepare the December 31, 2021, stockholders' equity section Assume 2021 net income was $330,000. (11 marks)