12. The Clandestine Inn, Inc., is authorized to issue 100,000 shares of $50 par 4 percent preferred stock and 500,000 shares of $2 per value common stock. Prepare the journal entrion for the corporation based on the following information. 1) Sold 50,000 shares of proferred stock for $60 per share on January 8, 20x2. De Cr CH 2) Sold 200,000 shares of common stock for $20 per share on February 1, 20x2. DE s CE cr 3) Declared the quarterly dividend on the preferred stock on March 15, 20X2 DE CE 4 Declared a 5.30 per share dividend on the outstanding common stock on March 30, 20X2. Dr. C 5) Paid the common stock dividend on April 15, 20X2 Dr. Cr