Just 7.1

Problem 7: Stock Issuance and cash dividends (18 pts) 7.1. On Feb. 12, 2022, Morningstar Industries issued 7 million of its $1 par common shares at $13 per share, for aggregate gross proceeds $91,000,000. Morningstar received net effect the issue. Required: Prepare the journal entry to record the above transaction ( 5pts ). Cuid in Cael - FCess of ear 7.2. MorningStar has $4,000,000 par of 4% cumulative nonparticlpating preferred stoc oard of directors declared and paid cash dividends of $120,000 in 2020 , its first year