Here is the problem: On January 2, 2020, the Jing Company received its charter. It issued all of its authorized 6,000 shares of no-par preferred stock at $106 per share and all of its 12,000 authorized shares of no-par common stock at $42 per share. The preferred stock has a stated value of $60 per share, is entitled to a basic cumulative annual dividend of $7 per share, is callable at $110 beginning in 2022, and is entitled to $100 per share plus cumulative dividends in the event of liquidation. The common stock has a stated value of $11 per share. On December 31, 2021, the end of the second year of operations, retained earnings were $140,000. No dividends have been declared on paid on either class of stock up to December 31, 2021. Required: A. Prepare the stockholders' equity section of the Jing Company's December 31, 2021 balance sheet. B. Compute the book value of each share of common stock as of December 31, 2021. C. If $90,000 of dividends were declared as of December 31, 2021, compute the amount that would go to each class of stock. B G D 15 6 7 A 7 8 9 Jing Company Stockholders' Equity Section of Balance Sheet 12/31/21 10 11 $7 Cumulative Preferred Stock PICESV- Preferred 12 13 14 15 Common Stock PICESV-Common Total Paid In Capital 17 18 Retained Earnings Total Stockholders' Equity 20 21 22 24 25 26 B Total Stockholders' Equity Less amounts assignable to preferred stock: Liquidation value Dividendcin arreare Sheet1 22 23 B 24 25 26 27 28 29 Total Stockholders' Equity Less amounts assignable to preferred stock: Liquidation value Dividends in arrears Total book value of preferred Total book value of common : 30 31 32 Number of common shares outstanding Book value per share for common stock 34 35 36 37 C Dividends to preferred Dividents to common Total 39 40 Sheet1