Sarasota Company reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (110,000 shares authorized, 22,000 shares issued) 110,000 Additional paid-in capital 132,000 Retained earnings 419,000 Total $861,000 During 2017. Sarasota took part in the following transactions concerning stockholders' equity. 1 Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. 2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Sarasota uses the cost method. 3. Reissued 600 treasury shares for land valued at $28,400. 4. Issued 480 shares of preferred stock at $103 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share. 6. Issued the stock dividend. 7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. Part 1 - Your answer is partially correct. 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. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred Stock 20000 Dividends Payable - Common Stock 44000 64000 2. 69700 Cash Treasury Stock Cash Land Cash 69700 3. 28400 | Treasury Stock 24600 | Paid-in Capital from Treasury Stock 3800 4. Cash 45 Preferred Stock 48000 Paid-in Capital in Excess of Par-Preferred St 1440