Waterway Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) Common stock, $5 par (108,500 shares authorized, 21.700 shares issued) Additional paid-in capital Retained earnings Total $190,000 108,500 116,000 424,000 $838,500 During 2020, Waterway took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2019 $9 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 1,600 shares of its own outstanding common stock for $39 per share. Wateway uses the cost method. 3. Reissued 800 treasury shares for land valued at $31,600. 4. Issued 460 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 $42 per share. 6. Issued the stock dividend. 7. Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021.