Issue 50,000 common shares at $10 per share to private investors. Liam currently has 100,000 common shares outstanding, with his wife holding half and Liam holding half. He also has 5,000 preferred shares outstanding. They are all owned by his father and are cumulative, paying a dividend of $4 per share. For the first time, no dividends were paid last year. It would be expected that a $100,000 dividend would be declared on November 1 of this year with a payment date of February 1. Liam would like the journal entry for the issuance of the shares and any dividend entries for this year under the assumption the dividend does get declared. Please, show calculations and Journal entries. What would be the tax implications?