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Problem: Marwa Publishers, Inc. , the premier publisher of accounting textbooks, has the following selected accgunts in its Stockholders' equity: e 12% Preferred qtock, 100 par, authorized 4,000 shares, 2,000 shares issued 200 ooo and outstanding Common Stock, 100 par, authorized 6,000 shares, 3,000 shares issued and 300,000 outstanding 260 Retained Earnings The board failed to declared dividends for the past two years. The current year's results of operations gave the board reasons todeclare cash dividends of 200,000.