Carla Corporation was organized on January 1, 2020. It is authorized to issue 10,800 shares of 8%, $100 par value preferred stock, and 539,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Mar 1: 1. 1. 1. 1. 1. 1. Sept Issued 80,700 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $108 per share. Issued 24,510 shares of common stock for land. The asking price of the land was $91,450, the fair value of the land was $80,700, 4 Issued 80,700 shares of common stock for cash at $9 per share Issued 10,800 shares of common stock to attorneys in payment of their bill of $50,800 for services rendered in helping the company organize. Issued 10,000 shares of common stock for cash at $11 per share. Issued 900 shares of preferred stock for cash at $117 per share Prepare the iustral entries to end the shove transactions (Cedit cent titles are automatically indented when amunt is entry Do View Policies Show Attempt History Current Attempt in Progress - Your answer is partially correct. 0.0/710 The outstanding capital stock of Coronado Corporation consists of 2,000 shares of $100 par value. 9% preferred, and 5,400 shares of $50 par value common. Assuming that the company has retained earnings of $89,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. (a) The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, eg. $38,487) Preferred Common 18000 $ 71000 (b) The preferred stock is cumulative and nonparticipating. (Round answers to O decimal places, eg. $38,487) Preferred 54000 Common 35000 (c) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278% Round answe O decimal places, e.g. $38,487.). Preferred eTextbook and Media Save for Later Common Attempts: 3 of 6 used Submit Am