= Homework: Week One Question 10, E15-13 (similar to) Part 1 of 6 Shelter Roofing and Siding, Inc. reported the following shareholders' equity section as of the beginning of the current year: (Click the icon to view the data.) (Click the icon to view the additional information.) Read the requirements. HW Score: 0%, 0 of 11 points Points: 0 of 1 Save Data table Contributed Capital: Stockholders' Equity Requirement a. Prepare the journal entry required to record the preferred stock issue. (Record debits first, then credits. Exclude explanations from any Account Current Year - X Common Stock, $6 par value, 2,380,000 authorized and 775,000 shares issued, and 720,000 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Less: Treasury Stock (55,000 common shares at cost) Total Stockholders' Equity $ 4,650,000 20,120,000 $ 24,770,000 7,690,000 905,000 (1,210,000) $ 32,155,000 Requirements a. Prepare the journal entry required to record the preferred stock issue. b. Prepare the journal entries required to record the declaration and payment of the cash dividends. c. Prepare the stockholders' equity section of the balance sheet at the end of the year. Help H Type here to search Print Done 0 More info Shelter also issued 833,000 shares of its $9 par value preferred stock. There is a 3% dividend rate on the preferred shares that Shelter issued at $12 per share. The company paid $210,000 in underwriting fees to issue the shares. It reported $2,670,000 in net income for the year and declared and paid dividends of $1.40 per share on its common shares and 3% of par for the preferred shares. The company has 1,000,000 shares authorized for preferred stock. 46F Clear 7:35 PM 1/10/2022 B