Exercise 2 : Peters Mercurys on March 18 stock holders equity contained the following information. Stockholders' equity 6% preferred stock, $100 par, 6,000,000 shares issued Common stock, $2 par, 50,000,000 shares issued Additional paid-in capital, common stock Total Retained earnings Total stockholders' equity Prepare journal entries to record the corporations following transactions. $600,000,000 $50,000,000 $200,000,000 $850,000,000 $250,000,000 $1,100,000,000 April 1: 100,000 additional shares of 6%, $100 par preferred stock issued at a price of $98 per share. (10 points) April 15: Cash dividends were declared and will be paid in a few weeks. Dividends per common share were $.25.(10 points) May 1: process the dividends payment (10 points)