Problem III (28 points) The stockholders' equity section of Queen Company's December 31, 2020 balance sheet is shown below: Preferred stock, 8%, $100 par, 10,000 shares authorized, 2,000 shares issued Common stock, $5 par, 100,000 shares authorized, 20,000 shares issued Additional paid-in capital Retained earnings Total $200,000 100,000 125,000 450,000 $875,000 In 2021 the following transactions occurred. Please journalize each of these transactions. 1. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. 2. Purchased 2,700 of its own outstanding common stock for $40 per share. 3. Issued 700 shares of common stock at $42 per share. Costs to issue the stock totaled $1,700. 4. Reissued 500 shares of the stock acquired in #2, at $42 per share. 5. Issued 1,000 shares of stock for land. The land cost the previous owner $26,000 when it was purchased 12 years ago. The market value of the common stock on this date is $42 per share. 6. Declared the annual 8% cash dividend on preferred stock. 7. Reissued 900 shares of the stock acquired in #2, at $35 per share. (the general journal to record the above transactions is on the next page)