Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $327,000. descriptive information.) BLUE COMPANY Stockholders' Equity x December 31, 2020 Capital Stock Preferred Stock 226,000 Common Stock 105,100 Total Capital Stock 331,100 Additional Paid-in Capital 195,820 Total Paid-in Capital 526,920 Retained Earnings 299,440 Total Pald-in Capital and Retained Earnings 826,360 Less Treasury Stock 42,000 Total Stockholders' Equity 784,360 Cash 47,840 Preferred Stock 46,000 Pald-in Capital in Excess of Par - Preferred Stock 1840 5. Retained Earnings 89180 Common Stock Dividend Distributable 9100 Pald-in Capital in Excess of Par Common Stock 80,080 6. Common Stock Dividend Distributable 9100 Common Stock 9100 7. Retained Earnings 41540 E2 Dividends Payable. Preferred 22600 Dividends Payable. Common 18200 Exercise 15-18 (Part Level Submission) Blue Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (96,000 shares authorized, 19,200 shares issued) 96,000 Additional paid-in capital 113,000 Retained earnings 449,000 Total $838,000 During 2020, Blue took part in the following transactions concerning stockholders' equity. 1. Pald the annual 2019 59 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had beer declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $42 per share. Blue uses the cost method. 3. Reissued 800 treasury shares for land valued at $34,500. 4. Issued 460 shares of preferred stock at $104 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $49 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends ar payable in 2021