2. Altel Communications has the following stockholders' equity on December 31, 2016: Paid-In Capital Stockholders' Equity Preferred Stock-4%, $11 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock-$4 Par Value; 575,000 shares authorized, 350,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 242,000 1,400,000 1,050,000 2,692,000 220,000 $2,912,000 Requirements a. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2016 and 2017 if total dividends are $8,000 in 2016 and $50,000 in 2017. Assume no changes in preferred stock and common stock in 2017. b. Record the journal entries for 2016, assuming that Altel Communications declared the dividend on December 1 for stockholders of record on December 10. Altel Communications paid the dividend on December 20. 2. Altel Communications has the following stockholders' equity on December 31, 2016: Paid-In Capital Stockholders' Equity Preferred Stock-4%, $11 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock-$4 Par Value; 575,000 shares authorized, 350,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 242,000 1,400,000 1,050,000 2,692,000 220,000 $2,912,000 Requirements a. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2016 and 2017 if total dividends are $8,000 in 2016 and $50,000 in 2017. Assume no changes in preferred stock and common stock in 2017. b. Record the journal entries for 2016, assuming that Altel Communications declared the dividend on December 1 for stockholders of record on December 10. Altel Communications paid the dividend on December 20.