There is 7 journal entries needed .

Cuen alempi Igless Metlock Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) Common stock, $5 par (102,000 shares authorized, 20,400 shares issued) Additional paid-in capital Retained earnings Total $200,000 102,000 134,000 480,000 $916,000 During 2020, Metlock took part in the following transactions concerning stockholders' equity. 1. 2. 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. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Metlock uses the cost method. Reissued 700 treasury shares for land valued at $30.200. Issued 530 shares of preferred stock at $106 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $48 per share. 3. 4. 5. ES Retained earnings Total $916,000 During 2020, Metlock took part in the following transactions concerning stockholders' equity 2 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. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Metlock uses the cost method Reissued 700 treasury shares for land valued at $30.200 Issued 530 shares of preferred stock at $106 per share Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $4 pers Issued the stock dividend Declared the annual 2020 $10 per share dividend on preferred stock and the $2 pershare dividend on common stock These dividends are payabile in 2021. 7 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 O for the amounts.) Debit Credit No. Account Titles and Explanation 1. 2. 3. 4