Homework 13 Equity Quarantine Inc. begins operations on June 1 On June 1, Quarantine issues 10,000 shares of $1 par value stock for $35,000 Prepare the journal entry to record the issuance of Common Stock On June 1, Quarantine issues 1,000 shares of $50 par value 7% cumulative Preferred Stock for $60,000. Prepare the journal entry to record the issuance of Preferred Stock On May 31 of the following year,Quarantine Inc. Reports Net Income of $100,000 and declares a dividend of $10,000. How much of the dividend will be paid to Preferred? How much of the dividend will be paid to Common? Prepare the journal entry as of the date of declaration Prepare the journal entry as of the date of record Perpare the journal entry as of the date of payment Prepare Quarantine's Statement of Shareholders' Equity as of May 31.