16,000 12 Michael, Inc. is authorized to issue 50,000 shares of $50 par value, 8% cumulative, preferred stock and 750,000 shares of $5 par value common stock. Prepare journal entries to record the follwd (30 points) uired." (30 points) occurred during the first year of operations. If no entry is required, indicate "No Entry Red a. Jan. 10Sold 96,000 shares of common stock for $10 a share. b. June 1 Sold 10,000 shares of preferred stock for $60 a share On December 1, declared $1.00 per share cash dividend on 96,000 shares common stock outstanding. c. d. December 15, cash dividend date of record: On January 1 the cash dividend was paid to shareholders e