Corporation has the following capital structure at the beginning of the year: 5% Preferred stock, $100 par value, 20,000 shares authorized, 6,000 shares issued and outstanding Common stock, $10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity $600,000400,000110,0001,110,000540,000$1,650,000 Instructions Record the following transactions (show all calculations). 1. The board of directors approved a $95,000 cash dividend for the preferred and common stockholders. Record the journal entries for the declaration and the payment of the dividend. 2. A 14% common stock dividend was declared. The average fair value of the common stock is $23 a share. Prepare the journal entry for the declaration of the dividend and for the distribution of the stock