Prints Charles Custom T-shirts issued 2,000 shares of 5%,$100 par value preferred stock on January 1 for $500,000. The company declares and pays the full preferred dividend on December 31. Required: 1. Determine the financial statement effects of the preferred stock issuance on January 1. 2. Determine the amount and financial statement effects of the preferred dividend declared and paid on December 31. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of the preferred stock issuance on January 1. Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "Th statement effects" in the first account field. Prints Charles Custom T-shirts issued 2,000 shares of 5%,$100 par value preferred stock on January 1 for $500,000. The company declares and pays the full preferred dividend on December 31. Required: 1. Determine the financial statement effects of the preferred stock issuance on January 1. 2. Determine the amount and financial statement effects of the preferred dividend declared and paid on December 31. Complete this question by entering your answers in the tabs below. Determine the amount and financial statement effects of the preferred dividend declared and paid on December 31 . Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field