B Dividend Distribution Bower Corporation has the following shares outstanding: 15,000 shares L E1l of $50 par value, eight percent preferred stock and 50,000 shares of $5 par value common stock. During its first three years in business, the firm declared no dividends in the first year, $280,000 of dividends in the second year, and $60,000 of dividends in the third year. a. If the preferred stock is cumulative, determine the total amount of dividends paid to each class of stock in each of the three years. b. If the preferred stock is noncumulative, determine the total amount of dividends paid to each class of stock in each of the three years. Cash and Noncash Share Issuances Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $10 par value common stock. On August 1, the attorney who helped organize the corporation accepted 800 shares of Chavoy common stock in settlement for the services provided (the services were valued at $9,600). On August 15, Chavoy issued 5,000 common shares for $75,000 cash. On October 15, Chavoy issued 3,000 common shares to acquire a vacant land site appraised at $48,000. Prepare the journal entries to record the stock issuances on August 1, August 15, and October 15. El1-2B