231 22 Kristian Thomas: Attempt 1 Dallas Sports Ltd has 100 shares of $15, cumulative, preferred shares outstanding, and $160,000 of common shares outstanding. In the company's first year of operation, no dividends were paid, but during the second year Dallas Sports paid dividends of $24,000. The dividend should be distributed as follows $12,000 preferred; $12,000 common. $1,500 preferred; $22,500 common. O$3,000 preferred; $21,000 common. $1,400 preferred; $12,600 common. Question 14 (5 points) A corporation issued 180,000 common shares in exchange for land that has a fair