1 Homework 13 Equity 2 Quarantine Inc. begins operations on June 1. 3 On June 1, Quarantine issues 10,000 shares of $1 par value stock for $35,000 4 Prepare the journal entry to record the issuance of Conlmon Stock. 5 6 7 8 On June 1, Quarantine issues 1,000 shares of $50 par value 7% cumulative Preferred Stock for $60,000. 9 Prepare the journal entry to record the issuance of Preferred Stock. 10 11 12 13 On May 31 of the following year,Quarantine Inc. Reports Net Income of $100,000 and declares a dividend of $10,000. 14 How much of the dividend will be paid to Preferred? 15 How much of the dividend will be paid to Common? 16 Prepare the journal entry as of the date of declaration ... Dividends 2 Dividends 3 Dividends 4 Final Problem + Ready Type here to search 1 3