Please help with Question 1-3

Recording the sale of Preferred Stock (par value = $100) 1) Record the sale of 1,000 shares of 4% Preferred Stock at $105 per share (=$105,000) Debit Recording the declaring of a dividend of $15,000 ASSUME: that the company has a profit of $25,000 (see Income Summary account) and declares a dividend 2) Record the entry to declare a $15,000 dividend Debit Recording the payment of a dividend of $15,000 3) Record the entry to pay the $15,000 dividend Debit