ted the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1.800 shares issued) Common stock, $5 par (93,000 shares authorized, 18,600 shares issued) Additional paid-in capital Retained earnings Total $180,000 93,000 130,000 467,000 $870,000 During 2020, Novak took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $10 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 1,500 shares of its own outstanding common stock for $41 per share. Novak uses the cost method. 3. Reissued 800 treasury shares for land valued at $35,600. 4. Issued 550 shares of preferred stock at $104 per share. 5. 6. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share. Issued the stock dividend. 7. Declared the annual 2020 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. 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 1 Dividends Payable Preferred Dividends Payable Common Cash 2. Treasury Stock Cash 3. Land Treasury Stock Paid-in Capital from Treasury Stock 4. Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Common Stock Dividend Distributable Debit 18000 37200 61500 35600 57200 82340 Credit 55200 61500 32800 2800 55000 2200 8950, S 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-Preferred Dividends Payable Common 82340 8950 62880 8950 73390 8950 23500 39380 Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $327,000. (Enter account name only Do not provide any descriptive information.) NOVAK COMPANY Stockholders' Equity $