Teal Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet.

Preferred stock, 9%, $100 par (10,000 shares authorized, 2,100 shares issued) $210,000

Common stock, $5 par (99,000 shares authorized, 19,800 shares issued) 99,000

Additional paid-in capital 137,000

Retained earnings 410,000

Total $856,000

During 2017, Teal took part in the following transactions concerning stockholders equity.

1. Paid the annual 2016 $9 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 1,900 shares of its own outstanding common stock for $39 per share. Teal uses the cost method.

3. Reissued 700 treasury shares for land valued at $31,500.

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 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.

Prepare journal entries to record the transactions described above