Question 27 Dividends and Equity Section transactions Andrea Carson Company reported the following amounts in the stockholders' equity section of its December 31, 2017, balance sheet: Preferred stock, 9%, $100 par (10,000 shares authorized, 2,000 shares issued) Common stock, $4 par (100,000 shares authorized, 10,000 shares issued) Additional paid-in capital $200,000 40,000 125,000 450,000 Retained earnings During 2018, Carson took part in the following transactions concerning stockholders'equity. 1. Purchased 1,700 shares of its own outstanding common stock for $40 per share. Carson uses the cost method 2. Reissued 700 treasury shares for land valued at $40,000. 3. Issued 400 shares of preferred stock at $105 per share. 4. Declared and issued a 10% stock dividend on the outstanding common stock when the stock is selling for $54 per share. 5. Declared the annual 2018 dividend on preferred stock and the $3 per share dividend on common stock. These dividends are payable in 2018 Instructions: Credit Debit Prepare the journal entries to record the transactions described above Note: Copy and paste the table below into the text field and prepare the journal entries. Stockholders' Equity transactions Accounts Date