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Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $490,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $64 cash per share. b. Reacquired 34,000 shares at $59 cash per share. c. Reissued 14,500 shares from treasury for $60 per share. d. Reissued 14,500 shares from treasury for $58 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to je deducted should be indicated by a minus sign.) 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Colliers, Incorporated, has 140,000 shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $3 per share, but because of cash flow problems, the company did not pay any dividends last year. The board of directors plans to pay dividends in the amount of $980,000 this year. Required: 1. What amount will go to preferred stockholders? 2. How much will be available for common stock dividends? Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $490,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100.000 shares of the common stock at $64 cash per share. b. Reacquired 34,000 shares at $59 cash per share. c. Reissued 14,500 shares from treasury for $60 per share. d. Reissued 14,500 shares from treasury for $58 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated minus sign.) 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign-) Colliers, Incorporated, has 140,000 shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $3 per share, but because of cash flow problems, the company did not pay any dividends last year. The board of directors plans to pay dividends in the amount of $980,000 this year. Required: 1. What amount will go to preferred stockholders? 2. How much will be available for common stock dividends