Pronghorn 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, 1,800 shares issued) $180,000
Common stock, $5 par (101,000 shares authorized, 20,200 shares issued) 101,000
Additional paid-in capital 119,000
Retained earnings 447,000
Total $847,000

During 2017, Bridgeport took part in the following transactions concerning stockholders’ equity.

1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.
2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Bridgeport uses the cost method.
3. Reissued 600 treasury shares for land valued at $28,400.
4. Issued 480 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 $44 per share.
6. Issued the stock dividend.
7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.

Required:
a. Prepare the journal entries to record transactions above.
b. Prepare the December 31, 2017, stockholders’ equity section. Assume 2017 net income was $312,000.

1.culture

1.the arts and other manifestations of human intellectual achievement regarded collectively.

2.  Arabic numerals  any of the numerals 0, 1, 2, 3, 4, 5, 6, 7, 8, and 9. Arabic numerals reached western Europe through Arabia, replacing Roman numerals, by about AD 1200, but probably originated in India.

3. abstract existing in thought or as an idea but not having a physical or concrete existence.

4.

5. pagan     person holding religious beliefs other than those of the main world religions.

6.    Muslim   a follower of the religion of Islam.

7 . algebra  is the study of mathematical symbols and the rules for manipulating these symbols; it is a unifying thread of almost all of mathematics. It includes everything from elementary equation solving to the study of abstractions such as groups, rings, and fields.

8.  architecture    the art and technique of designing and building, as distinguished from the skills associated with construction.

9.  Koran    the Islamic sacred book, believed to be the word of God as dictated to Muhammad by the archangel Gabriel and written down in Arabic. The Koran consists of 114 units of varying lengths, known as suras ; the first sura is said as part of the ritual prayer. These touch upon all aspects of human existence, including matters of doctrine, social organization, and legislation.

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