Question

please help me finish this

Sarasota Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance shee Preferred stock, 10 % , $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stack, $5 par (108,000 shares authorized, 21,600 shares issued) Additional paid-in capital 108,000 119,000 Retained earnings 419,000 Total $846,000 During 2020, Sarasota 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 steck. These dividends had been declared on December 31, 2019 2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Sarasota uses the cost method 3. Reissued 600 treasury shares for land valued at $27,800. 4. Issued 480 shares of preferred stock at $104 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 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021 (a) Your answer is partially correct. Try again. Prepare journal entries to record the transections described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. required, select "No Entry" for the account titles and enter 0 for the amounts.) no entry is No. Account Titles and Explanation Debit Credit 1. Dividends Payable Common 43200 Dividends Payable- Preferred 20000

Answer 1

Retained Earnings (20500*10%*42)	86100
Common Stock Dividend Distributable (20500*10%*5)		10250
Paid-in Capital in excess of par		75850
(21600-1700+600= 20500)
Common Stock Dividend Distributable	10250
Common Stock		10250
Retained Earnings	69900
Dividend Payable- Preffered (10*2480)		24800
Dividend Payable- Common (2*22550)		45100