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Problem 20. On January 1, 20xx, Dkembe Corporation was authorized to issue 100,000 shares of common stock, par value S5 per share, and 20,000 shares of S percent preferred stock, par value $40 per share. Prepare journal entries to record the following 20xx transactions a. b. c. Issued 60,000 shares of common stock at $12 per share. Issued 12,000 shares of preferred stock at $56 per share. Declared a cash dividend sufficient to meet the current-dividend preference on preferred stock and pay common stockholders S1 per share. Paid the cash dividends d