Cornerstone Exercise 10-35 (Algorithmic) Preferrnd and Common 5tock Dividends Yostarian Corporation has a single class of common stock and a single class of cumulative preferred stock. The cumulative preferred stock requires the corporation to pa an annual dividend of $3,750 to preferred stockholders. On January 1,2019 , Yossarian's preferred dividends were 1 year in arrears, which means that Yossarian declare neither preferred nor common dividends in 2018. During the next 3 years (20192021), Yossarian's board of directors determined they would be able to pay $5,000, $7,000, and $14,000, respectively. Required: Show how these anticipated poyments will be split between preferred and common. stockholders. If an amount box does not require an entry, leave it biank and if the answer is zero, enter 0. Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury 5 tock On February 1, 2019, wild Bill Corporation repurchases 910 shares of its outstanding comman stock for $9 per share. On March 1, 2019, Wild Bill sells 350 shares of tressury stock for $12 per share. On May 10,2019 , Wild Bill selis the remaining 560 shares of its treasury stock for $6 per share. Cornerstone Exercise 10-25 (Algorithmic) Recording the sale of Common and Preferred Stock Donahue Corporation is authorized by its charter from the state of Ilitinois to issue 750 shares of preferred stock with a 7 wh dividend rate and a par value of $50 oer share and 22,000 shares of common stock with a par value of $0.01 per share, On January 1,2019 , Donahue Corporation issues 250 shares of preferred stock at $55 per share and 11,500 shares of common stock at $13 per share. Required: Brief Exercise 10-40 (Aigorithmic) Recording the Sale of Common and Preferred Stock At the end of its first year of operations, Mulligan Corporation has outstanding shares of 119,000 common stock and 17,000 preferred stock, The 5 tate of ohio authorized Mulligan to issue 18,000 shares of 6% preferred stock with a par value of $50 per share and 120,000 shares of common 5 tock with a par value of $17 per share. Any preferred stock sold during the year had a selling price of $65.00 per share, Mulligan's common stock was issued at $30. Required: Prepare the joumal entry to record the issuance of stock during the year. (Record sale of preferred and common stock)