Sandhill 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) Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) Additional paid-in capital Retained earnings Total $180,000 101,500 130,000 486,000 $897,500 During 2020, Sandhill took part in the following transactions concerning stockholders' equity. Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Common 40,600 Dividends Payable - Preferred Cash 2. Treasury Stock Cash 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 3. Land 2. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Sandhill uses the cost method. Treasury Stock 3. Reissued 700 treasury shares for land valued at $31,400. 4. Issued 510 shares of preferred stock at $104 per share. Paid-in Capital from Treasury Stock 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. Cash 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 are payable in 2021. Preferred Stock Please help with number 7 | Paid-in Capital in Excess of Par - Preferred Stock 5. Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par - Common Stock 6. Common Stock Dividend Distributable Common Stock 7. Retained Earnings Dividends Payable - Common Dividends Payable - Preferred 16,200 73,800 31,400 53,040 86,400 9,600 59,190 Help 56,800 73,800 28,700 2,700 51,000 2,040 9,600 76,800 9,600 Help 38,400 20,790