3. The Annapolis Corporation's stockholders' equity accounts have the following balances as of January 1, 2016: 12% preferred stock, cumulative, $50 p (10,000 shares issued and outstanding) Common stock, $10 par (100,000 shares issued and outstanding) Additional paid-in capital: common Retained carnings 500,000 1,000,000 1,000,000 3.150,000 $6,250000 Total stockholders' equity Annapolis engaged in the following dividend transactions during 2016, 2017, and 2018 2016: Dividends are in arrears for 2014 and 2015. On December 1,2016, the annual cash dividend plus the dividends in arrears were declared on the preferred stock. In addition, a $1.50 per share dividend was declared on the common stock. The dividends were paid on December 31, 2016. On December 1, 2017, the annual cash dividend on the preferred stock was declared. The dividend was paid on December 31, 2017. 2017: On December 10, a 30% stock dividend was declared on the common stock, distributable on January 25, 2018. The market price per share for the common stock on December 10, 2017, was $28. 2018: On January 25, 2018, the stock dividend declared on December 10, 2017, was issued. On December I, the annual cash dividend on the preferred stock was declared: it is payable on January 15, 2019 In addition, on December i, a 10% stock dividend was declared on the common stock, distributable on January 20, 2019. The market price per share for the common stock on December 1, 2018, was $23. No other stock transactions took place dusing 20:6, 2017, or 2018. Required Prepare the entries to record the dividend transactions for 2016, 2017, and 2018. (Do not record any transactions for 2019.)