I would greatly appreciate if you would help me to solve and explain these questions. Accounting is like a foreign language for me... Thank you in advance!

Corporation showed the following amounts in the equity section of its balance sheet at January 1, 2021: $500,000 Preferred Shares, $2 cumulative (in arrears for 2020), 10,000 shares issued Common shares 40,000 shares issued Retained Earnings $800,000 $500,000 In 2021: On January 20, 2021, 10,000 common shares were issued for $150,000. On November 1, 2021, Cash dividends of $90,000 were declared. Dividends will be paid on January 18, 2022. On December 31, 2021 Corporation reported revenues of $150,000 and expenses of $80,000 for the year. Required 1. Calculate the amount of dividend per share owing to preferred shareholders 2. Prepare journal entries for 2021. Use an Income Summary account and Cash Dividends account as required 3. Calculate the average issue price per common share for 2021 4. Prepare the statement of changes in shareholders equity for the year ended December 31, 2021 5. Prepare the balance sheet (partial) at December 31, 2021 Match the items below by entering the appropriate code letter in the space provided. A. B. C. D. E. Share split Deficit Payout ratio Stock dividend Declaration date F. G. H. 1. J. Retained earnings restrictions Discontinued operation Private corporation Cumulative feature Statement of changes in equity 1. A corporation whose shares are not available on a public stock exchange. 2. When a company with operations in different segments sells a segment. 3. Preferred shareholders have a right to receive current and unpaid prior year dividends before common shareholders receive any dividends. 4. The date the board of directors formally declares a dividend. 5. Does not affect total share capital, retained earnings, or shareholders' equity. 6. A pro rata distribution of the corporation's own shares to shareholders. 7. A portion of the balance is unavailable for dividends. 8. A debit balance in retained earnings. 9. A statement detailing the changes in the components of shareholders' equity prepared by publicly-traded corporations. _ 10. Measures the percentage of profit distributed in the form of dividends to common shareholders. VOCABULARY QUIZ 1. Net income retained in the business. 2. The amount per share that must be retained in the business for the protection of corporate creditors. 3. A type of share capital that has contractual preferences over common shares in certain areas. 4. A corporation that may have thousands of shareholders and whose shares are regularly traded on a securities exchange market. 5. The amount of share capital that a corporation is authorized to sell. 6. Dividends that were not declared on cumulative preferred shares during a period. 7. Gains and losses that bypass net income but affect shareholders' equity. 8. The issue of additional shares to shareholders accompanied by a reduction in the legal capital per share. 9. The date when ownership of shares is determined for dividend purposes. 10. A statement that summarizes the changes in each shareholders' equity account during the period. Corporation showed the following amounts in the equity section of its balance sheet at January 1, 2021: $500,000 Preferred Shares, $2 cumulative (in arrears for 2020), 10,000 shares issued Common shares 40,000 shares issued Retained Earnings $800,000 $500,000 In 2021: On January 20, 2021, 10,000 common shares were issued for $150,000. On November 1, 2021, Cash dividends of $90,000 were declared. Dividends will be paid on January 18, 2022. On December 31, 2021 Corporation reported revenues of $150,000 and expenses of $80,000 for the year. Required 1. Calculate the amount of dividend per share owing to preferred shareholders 2. Prepare journal entries for 2021. Use an Income Summary account and Cash Dividends account as required 3. Calculate the average issue price per common share for 2021 4. Prepare the statement of changes in shareholders equity for the year ended December 31, 2021 5. Prepare the balance sheet (partial) at December 31, 2021 Match the items below by entering the appropriate code letter in the space provided. A. B. C. D. E. Share split Deficit Payout ratio Stock dividend Declaration date F. G. H. 1. J. Retained earnings restrictions Discontinued operation Private corporation Cumulative feature Statement of changes in equity 1. A corporation whose shares are not available on a public stock exchange. 2. When a company with operations in different segments sells a segment. 3. Preferred shareholders have a right to receive current and unpaid prior year dividends before common shareholders receive any dividends. 4. The date the board of directors formally declares a dividend. 5. Does not affect total share capital, retained earnings, or shareholders' equity. 6. A pro rata distribution of the corporation's own shares to shareholders. 7. A portion of the balance is unavailable for dividends. 8. A debit balance in retained earnings. 9. A statement detailing the changes in the components of shareholders' equity prepared by publicly-traded corporations. _ 10. Measures the percentage of profit distributed in the form of dividends to common shareholders. VOCABULARY QUIZ 1. Net income retained in the business. 2. The amount per share that must be retained in the business for the protection of corporate creditors. 3. A type of share capital that has contractual preferences over common shares in certain areas. 4. A corporation that may have thousands of shareholders and whose shares are regularly traded on a securities exchange market. 5. The amount of share capital that a corporation is authorized to sell. 6. Dividends that were not declared on cumulative preferred shares during a period. 7. Gains and losses that bypass net income but affect shareholders' equity. 8. The issue of additional shares to shareholders accompanied by a reduction in the legal capital per share. 9. The date when ownership of shares is determined for dividend purposes. 10. A statement that summarizes the changes in each shareholders' equity account during the period