Liabilities Current Liabilities Long-Term Liabilities $7,500,000 9,800,000 Total Liabilities $17,300,000 Stockholders' Equity $700,000 980,000 Preferred Stock Class A - issued 70,000 shares 3.5% Class B - issued 98,000 shares $0.504 Common Stock- $5 par: Authorized 1,000,000 shares Issued 270,000 shares Additional Paid-in-Capital - Common Treasury Stock - 25,000 sharese Retained Earnings 1,350,000 5,540,000 (883,000) 9,193,000 Total Equity $16,880,000 Total Liabilities and Stockholders' Equity $34,180,000 T: 9) What is the entry if the company declared a dividend of $0.75 on its common stock? Journal entry Debite Credite Cash Dividende 1500 Dividend payable 1500 1. 10) Record the payment of the dividend? 11) What is the effect on the accounting equation and the debt ratio if the company borrowed $500,000 to repurchase additional shares? 12) What is the effect on the accounting equation and the debt ratio if the company sold additional preferred stock