17) On January 1, 2016, a company disposed of equipment for $16,200 cash that had cost $35,000, a salvage value of $5,000, and a useful life 10 years. The straight line depreciation method was used. On December 31, 2015, accumulated depreciation was $20,664. Prepare a journal entry to record the disposal of the equipment. 34) A corporation had the following stock outstanding when the company's board of directors declared : cash dividend during the current year: Preferred stock, $10 par, 4%, 50,000 shares issued Common stock, $1 par, 750,000 shares issued ........ Total $ 500,000 750.000 $ 1,250,000 Allocate the cash dividend between the preferred and common stockholders assuming the preferred cumulative and nonparticipating and dividends are one year in arrears