common stock and dividends

3. Common Stock and Dividends (10 points) Instructions: Record the journal entries for the following transactions. a. Jonas Corp. issued 4,000 shares of $10 par value common stock. The stock was sold for $14 per share. b. Jonas Corp. also issued 1,000 shares of its $10 par value, 12% cumulative preferred stock in exchange for land. On the date of the exchange, the market value of the stock was $18 per share and the land was appraised for $16,000. c. Jonas Corp. repurchased 1,500 shares of its $10 par value common stock. Jonas paid $8 per share to repurchase the stock. The stock had an original issue price of $14. I d. On 2/2/2021, Jonas Corp. declared a total dividend of $10,000 to be paid on 3/1/2021. Jonas Corp. had 2,500 common shares outstanding, 500 shares of $10 par-value, 12% cumulative preferred shares outstanding. Jonas Corp. also had $2,000 of dividends in arrears. Make sure to differentiate between preferred and common dividends. i. Record the entry on the date of declaration. Page 3 of 4 Record the entry on the date of payment