21) A corporation had the following stock outstanding when the company's board of directors declared a $75,000 cash dividend in the current year: $ 500,000 Preferred stock, $40 par, 6%, 12,500 shares issued Common stock, $10 par, 70,000 shares issued. 700,000 Total. $1.200.000 Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative and nonparticipating. 22) On July 1, a corporation issued 15,000 shares of no-par common stock with a stated value of $3 per share in exchange for a tract of land having a market value of $215,000. Prepare the general journal entry to record this transaction. 23) A machine costing $450,000 with a 4-year life and an estimated salvage value of $30,000 is installed by Peters Company on January 1. The company estimates the machine will produce 1,050,000 units of product during its life. It actually produces the following units for the first 2 years: Year 1, 260,000; Year 2, 275,000. Enter the depreciation amounts for years 1 and 2 in the table below for each depreciation method. Show calculation of amounts below the table. Straight-Line Units-of- Production Year Year 1 Year 2