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Exercise 5 The following items compose the shareholders' equity of El Cheapo Products Inc., before the measurement of the 2014 net income: 1,500,000 Common stock, 1 par,1,500,000 shares outstanding, Preferred stock, 1 par, 4%, 200,000 shares outstanding Paid-in capital in excess of par Retained earnings Total shareholders' equity 200,000 647,000 850,000 3,197,000 In 2014, the company reports a net loss 50,000. At the beginning of 2015, the company distributes a stock dividend of 150,000 to its common shareholders. Then it declares a total cash dividend of 280,000. Preferred dividends of 5,000 are in arrears. Journalize the transactions and provide the following data, clearly stating the calculations performed: 1. The cash dividend per share for preferred shareholders; 2. The cash dividend per share for common shareholders; 3. The book value of the preferred shares, both at 1/1/2015 and after the dividends; 4. The book value of the common shares, both at 1/1/2015 and after the dividends; 5. The total shareholders' equity after the dividends