Brief Exercise 10-5 (Algo) Record issuance of preferred stock (LO10-3) Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $12 per share: Record the issuance of the preferred shares. (If no entry is required for a porticular transaction/event, select "No Journal Entry Required " in the first account field.) Brief Exercise 10-7 (Algo) Determine the amount of preferred stock dividends on (LO10-3) Laurel Designs has 1,400 shares of 7%,$50 par value cumulative preferred stock issued at the beginning of 2022 . All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2022 or 2023 . The company plans to pay total dividends of $16,000 in 2024 . How much of the $16.000 dividend will be paid to preferred stockhoiders and how much will be paid to common stockholders