Fill in the Blanks:

1. Land is acquired by issuing 4,000 shares of $100 par common stock with a current market price of $125 per share. At what amount should the land be recorded?

2. A corporations outstanding stock is composed of 200,000 shares of $1 preferred and 500,000 shares of common, $100 par. At the end of its first year of operations, a total of $250,000 in dividends is to be distributed. Determine the total amount of dividends to be paid on the preferred stock and common stock.

a. Preferred

b. Common