Prepare the December 31, 2020, stockholders equity section. Assume 2020 net income was $329,000.

Exercise 15-18 (Part Level Submission) Buffalo Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $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 134,000 Retained earnings 480,000 Total $916,000 During 2020, Buffalo took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Buffalo uses the cost method. 3. Reissued 700 treasury shares for land valued at $30,200. 4. Issued 530 shares of preferred stock at $106 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $48 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. BUFFALO COMPANY Stockholders' Equity December 31, 2020 Capital Stock Preferred Stock 253000 x Common Stock 107950 x Total Capital Stock 360950 Additional Paid-in Capital 218830 Total Paid-in Capital 579780 X Retained Earnings 639290 Total Paid-in Capital and Retained Earnings , 1219070 Less Treasury Stock 34400 Total Stockholders' Equity 1253470