Please answer clearly and organazied

Recording and Reporting Preferred Stock Cedar Corporation is authorized to issue 40,000 shares of 6%,$10 par, cumulative preferred stock. Early in Year 1 , it sold 8,000 shares of preferred stock for $25 per share. Required a. Record the entry for the issuance of preferred stock during Year 1. b. Assume the company is preparing financial statements for Year 4 . If the company had not declared or paid dividends in any year shareholders, what would the company report as dividends in arrears on December 31 of Year 4 ? Dividends in arrears \$