Presented below is the stockholders' equity section of the balance sheet of K-Drama Corporation at December 31, 2019. K-Drama Corporation: Stockholders' Equity December 31, 2019 7% Cumulative preferred stock, $50 par value, 2,0000,000 shares authorized, 800,000 shares issued and outstanding $ 40,000,000 Common stock, $5 par value, 5,000,000 shares authorized, 4,000,000 shares issued and outstanding 20,000,000 Additional paid in capital: common 46,400,000 Retained earnings. 71,800,000 Total stockholders' equity $178,200.000 How much is the total annual dividend requirement on the preferred stock? a. $2,800,000 b. $5,600,000 c. $7,000,000 d. None of the above At January 1, 2019, there were dividends in arrears on the preferred stock because K- Drama skipped the payment of preferred dividends in 2018. On December 1, 2019, K-Drama Corporation declared total cash dividends of $7,200,000 to stockholders of record on December 15, 2019, payable on December 31, 2019. How much is the dividend per share received by the common stockholders in 2019. a. $0.40 b. $1.10 c. $1.80 d. None of the above Which of the following is the required journal entry to record the dividend declaration on December 1, 2019? a. Retained earnings 7,200,000 Cash 7,200,000 b. Retained earnings 4,400,000 Dividend payable 4,400,000 c. Retained earnings 1,600,000 Dividend payable 1,600,000 d. None of the above Suppose that on December 1, 2019, K-Drama declared a 5% stock dividend on common stock only instead of cash dividend. K-Drama is a Korean company which should follow the Korean corporate law in accounting for stock dividends. Which of the following is the required journal entries to record the stock dividend on December 1, 2019? a. Retained earnings 200,000 Dividend payable 200,000 b. Retained earnings 200,000 Common stock to be distributed 200,000 c. Retained earnings 1,000,000 Common stock, par 1,000,000 d. Retained earnings 1,000,000 Common stock to be distributed 1,000,000