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, 1,900 shares issued)		$190,000
Common stock, $5 par (98,000 shares authorized, 19,600 shares issued)		98,000
Additional paid-in capital		117,000
Retained earnings		470,000
Total		$875,000

During 2020, Sandhill took part in the following transactions concerning stockholders equity.

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.
2.		Purchased 1,700 shares of its own outstanding common stock for $37 per share. Sandhill uses the cost method.
3.		Reissued 700 treasury shares for land valued at $29,500.
4.		Issued 450 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 $47 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 are payable in 2021.

A) Prepare journal entries to record the transactions described above.

B) Prepare the December 31, 2020, stockholders equity section. Assume 2020 net income was $341,000.

*What I got through on my own, not sure what happened.

No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred 17100 Dividends Payable - Common 39200 Cash 56300 2. Treasury Stock 62900 Cash 62900 3. Land 29500 Treasury Stock 25900 Paid-in Capital in Excess of Par - Preferred Stock 3600 4. Cash 46800 Preferred Stock 45000 Paid-in Capital in Excess of Par - Preferred Stock 1800 5. Retained Earnings 92120 Common Stock Dividend Distributable 9800 Paid-in Capital in Excess of Par - Common Stock 82320 6. Common Stock Dividend Distributable 9800 Common Stock 9800 7. Retained Earnings 58350 Dividends Payable - Preferred 21150 Dividends Payable - Common 37200