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.