ABC Company has 85.000 shares of 7% cumulative preferred stock with a $2 par value Required: Use the following information to determine how much the Preferred and Common shareholders should receive each year Total Dividend Preferred Common 2013 59300 2014 $26.00 2015 $35.000 2016 0 2017 $80.000 1 ABC Company borrows $250.000 on March 2014 The interest rate is 75 annual. The note is to be paid back in Janual installments beginning on March 2015 Required: Prepare the journal entry to record the issuance of the note on March 1, 2014 and the 3 journal entries to record the note payments (Hint: The payment amou discussed in the first example in the chapter)