E14.1 (LO 1), AP Financial Statement On January 1, Guillen Corporation had 95,000 shares of no- par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Instructions a. Prepare the entries to record these transactions. b. How are dividends and dividends payable reported in the financial statements prepared at December 31? Allocate cash dividends to preferred and common stock. E14.2 (LO 1), AP Knudsen Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $12,000; and 2023, $28,000. Instructions a. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. b. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and cumulative. c. Journalize the declaration of the cash dividend at December 31, 2023, under part (b). Journalize stock dividends