On January 1. Guillen Corporation had 95.000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Instructions (a)Prepare the entries to record these transactions. (b)How are dividends and dividends payable reported in the financial statements prepared at December 31? Knudsen Corporation was organized on January l, 2016. During its first year, the k. corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016, $5,000; 2017, $12,000; and 2018, $28,000. Instructions (a)Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. (b)Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 1% and cumulative. (c)Journalize the declaration of the cash dividend at December 31, 2018, under part (b) On January l, 2017, Frontier Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The com issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions Journalize the declaration of a 15% stock dividend on December 10, 2017, for the following independent assumptions. (a)Par value is $10, and market price is $18. (b)Par value is $5, and market price is $20