points) Calculate and show the ending balance of war Cell Wireless Company had the following transactions in 2016, its first year of operations. . Issued 20,000 shares of common stock and received equipment with a market value of $600,000. Stock has par value of $1.00 per share. 5. Issued 1000 shares of $10 par value, 6% preferred stock and collect cash. Shares were issued at $90. c. The data for the year ended Dec 31, 2016, follow: COGS $84,000 Sales Revenue 186,000 Interest Revenue 5,400 Operating 44,000 2,300 expenses Interest Expense d. Declared dividends of $12,000. Preferred dividend is the 6% of par value (there is no dividend in arrears). Calculate preferred dividend and common dividend for 2016. equirements: a. Journalize the issuance of common stocks. (5 points) b. Journalize the issuance of preferred stocks. (5 points) c. Journalize the closing entries for net income. Open and use "Income Summary" and "Retained Earnings" T-accounts for closing entries. (15 points) d. Journalize the declaration of dividends. Show the distribution between preferred and common. (10 points) Calculate the ending balance of Retained Earnings after closing entries (5 points)