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1. Stonehurst Corporation is authorized to issue 100,000 shares of $5 par value common stock and 2,000 shares of $100 par value 6% preferred stock. Prepare the journal entries to record the following transactions: July 15 issued 1,000 shares of common stock to an attorney for a bill of $7,000 in connection with the organization of the corporation July 25 issued 2,000 shares of preferred stock for cash of $120 per share July 27 issued 10,000 shares of common stock in exchange for land with an asking price of $75,000 Aug 1 Issued 5,000 shares of common stock for $35,000 in cash. Prepare the stock holder's equity section of the balance sheet using the information from above and a retained earnings balance of $3,579. 2. Brandt Corporation is authorized to issue 100,000 shares of $3 par value common stock and 2,500 shares of $100 par value 8% preferred stock. Prepare the journal entries to record the following transactions: April 15 Issued 1,000 shares of common stock to an attorney for a bill of $9,000 in connection with the organization of the corporation April 25 Issued 2,000 shares of preferred stock for cash of $115 per share April 27 issued 8,000 shares of common stock in exchange for a price of land with a market price of $50,000. The stock was selling for $25 per share that day. May 1 Issued 15,000 shares of common stock for $90,000 in cash. Prepare the stock holder's equity section of the balance sheet using the information from above and a retained earnings balance of $8,500. 3. Duncan Corporation has 2,000 shares of $100 par value 6% preferred stock and 20,000 shares of $10 par value common stock outstanding. In its first four years of operation, it has paid the following dividends: Using the above information distribute the dividends for cumulative and non-cumulative preferred stock. 4. Paloma Corporation has 5,000 shares of $100 par value 9% preferred stock and 30,000 shares of $10 par value common stock outstanding. In its first four years of operation, it has paid the following dividends: Using the above information distribute the dividends for cumulative and non-cumulative preferred stock