Acme Steel Inc. begins operations on January 1 by issuing 50,000 shares of $5 par value common stock for cash at $15 per share. What will be the journal entry for this transaction * O Debit Cash $500,000 and Credit Common Stock $250,00 and APIC $ 250,000 Debit Cash $450,000 and Credit Common Stock $250,00 and APIC $ 200,000 Debit Cash $250,000 and Credit Common Stock $250,000 Debit Cash $750,000 and Credit Common Stock $250,00 and APIC $ 500,000 Acme Steel Inc. has 20,000 shares of 6%, $10 par value, cumulative preferred stock outstanding at December 31, 2020. No dividends were declared in 2018 or 2019. If Acme Steel Inc. wants to pay $60,000 of dividends in 2020, common stockholders will receive * O $ 72,000 $36,000 $ 24,000 $ 60,000 For Acme Steel Inc. to pay a cash dividend to its stockholders, it must meet all the following conditions except - * O Board of Directors must agree to pay the dividend and declare it The stockholders must make an official request to the board of directors to declare the dividend O Have significant retained earnings O Have sufficient amount of cash reserve