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Skysong Company reported the following amounts in the stockholders' equity section of its December 31,2024 , balance sheet. During 2025, Skysong took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2024$10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. 2. Purchased 1,500 shares of its own outstanding common stock for $41 per share. Skysong uses the cost method. 3. Reissued 800 treasury shares for land valued at $35,600. 4. Issued 550 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 $46 per share. 6. Issued the stock dividend. 7. Declared the annual 2025$10 per share dividend on preferred stock and the $2 per share dividend on common stock. Thes dividends are payable in 2026. Prepare journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 5. \begin{tabular}{|lc|} \hline Retained Earnings & \\ \hline Common Stock Dividend Distributable & \\ \hline & \\ \hline Paid-in Capital in Excess of Par - Common Stock & \\ \hline \end{tabular} 6. Common Stock Dividend Distributable 7. Retained Earnings Dividends Payable - Common Stock 38720 Skysong Company reported the following amounts in the stockholders' equity section of its December 31,2024 , balance sheet. During 2025, Skysong took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2024$10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. 2. Purchased 1,500 shares of its own outstanding common stock for $41 per share. Skysong uses the cost method. 3. Reissued 800 treasury shares for land valued at $35,600. 4. Issued 550 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 $46 per share. 6. Issued the stock dividend. 7. Declared the annual 2025$10 per share dividend on preferred stock and the $2 per share dividend on common stock. Thes dividends are payable in 2026. Prepare journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 5. \begin{tabular}{|lc|} \hline Retained Earnings & \\ \hline Common Stock Dividend Distributable & \\ \hline & \\ \hline Paid-in Capital in Excess of Par - Common Stock & \\ \hline \end{tabular} 6. Common Stock Dividend Distributable 7. Retained Earnings Dividends Payable - Common Stock 38720

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