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(Dividends and Stockholders' Equity Section) Elizabeth Company reported the following amounts in the stockholders' equity section of its December 31,...

(Dividends and Stockholders' Equity Section)
Elizabeth Company reported the following amounts in the stockholders' equity section of its December 31, 2010, balance sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000
Common stock, $5 par (100,000 shares authorized, 20,000 shares issued) 100,000
Additional paid-in capital 125,000
Retained earnings 470,000
Total $895,000
During 2011, Elizabeth took part in the following transactions concerning stockholders' equity.
1. Paid the annual 2010 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2010.
2. Purchased 1,700 shares of its own outstanding common stock for $44 per share. Elizabeth uses the cost method.
3. Reissued 700 treasury shares for land valued at $32,800.
4. Issued 500 shares of preferred stock at $109 per share.
5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share.
6. Issued the stock dividend.
7. Declared the annual 2011 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2012.
(Dividends and Stockholders' Equity Section)   Elizabeth Company reported the following amounts in the stockholders' equity section of its December 31, 2010, balance  sheet.    Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000   Common stock, $5 par (100,000 shares authorized, 20,000 shares issued)   100,000   Additional paid-in capital   125,000   Retained earnings 470,000         Total $895,000 During 2011, Elizabeth took part in the following transactions concerning stockholders' equity.  1. Paid the annual 2010 $10 per share dividend on preferred stock and a $2 per share dividend on common stock.  These dividends had been declared on December 31, 2010.  2. Purchased 1,700 shares of its own outstanding common stock for $44 per share. Elizabeth uses the cost method.  3. Reissued 700 treasury shares for land valued at $32,800.  4. Issued 500 shares of preferred stock at $109 per share.  5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share.  6. Issued the stock dividend.  7. Declared the annual 2011 $10 per share dividend on preferred stock and the $2 per share dividend on common  stock. These dividends are payable in 2012.  (a) Prepare journal entries to record the transactions described above.  (List multiple     Description/Account 1.                 2.               3.                             4.                             5.                             6.               7.                             (b) Prepare the December 31, 2011, stockholders' equity section. Assume 2011 net income was $330,000.   Elizabeth Company
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Stockholders' Equity  December 31, 2011 Capital   stock Preferred  stock,  10%, $100  par, 10,000  shares       authorized , 2,500  shares  issued and  outstandin g Common  stock, $5  par,  100,000  shares  authorized ,      21,900  shares  issued,  20,900  shares  outstandin g               Total  capital  stock        Additional  paid-in  capital             Total paid- in capital Retained   earnings Total paid- in capital  and  retained  earnings
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