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 (98,500 shares authorized, 19,700 shares issued) 98,500 Additional paid-in capital 135,000 Retained earnings 479,000 Total $912,500 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 1,600 shares of its own outstanding common stock for $43 per share. Sarasota uses the cost method. 3. Reissued 800 treasury shares for land valued at $36,200. 4. Issued 530 shares of preferred stock at $105 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 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 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 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount 3. enter an account title to record the third transaction enter a debit amount enter a credit amount enter an account title to record the third transaction enter a debit amount enter a credit amount enter an account title to record the third transaction enter a debit amount enter a credit amount 4. enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount 5. enter an account title to record the fifth transaction enter a debit amount enter a credit amount enter an account title to record the fifth transaction enter a debit amount enter a credit amount enter an account title to record the fifth transaction enter a debit amount enter a credit amount 6. enter an account title to record the sixth transaction enter a debit amount enter a credit amount enter an account title to record the sixth transaction enter a debit amount enter a credit amount 7. enter an account title to record the seventh transaction enter a debit amount enter a credit amount enter an account title to record the seventh transaction enter a debit amount enter a credit amount enter an account title to record the seventh transaction enter a debit amount