PROBLEM 1. The stockholders' equity section of Dobroskey Corporation's balance sheet as of December 31, 2019 is as follows: Stockholders' Equity - Preferred Stock. 4% $100 par value, 100,000 shares authorized and 5000 shares issued and outstanding $500,000 - Common stock. $10 par value: authorized, 2,000,000 shares auth: issued and outstanding 60,000 shares $600.000 Paid-in capital in excess of par = $850.000 - Retained earnings - $4.000.000 The following events occurred during 2020: - Jan. 5: 20,000 shares of authorized and unissued common stock were sold for $19 per share. - Jan. 16: Declared a cash dividend of 10 cents per share on the common stock, payable February 9 to stockholders of record on February 5. Feb. 9 Paid the dividend declared on Jan. 16 - Feb. 20 30,000 shares of authorized and unissued common stock were sold for $22 per share. - Mar 1: A 10% stock dividend was declared. Market value per share is currently $24. Apr. 1: The common stock dividend that was declared on March 1 was issued. Jul 1: 2.000 shares of Treasury Stock was purchased at $30 per share. - Sept. 1: 1.000 shares of Treasury Stock were sold for $32 per share. - Dec. 31: The preferred dividend was declared and a common dividend of 50 cents a share was declared Dec. 31: Income for the year was $575.000 Instructions 1. Prepare all journal entries necessary for each of the transactions in 2020. 2. Post transactions to T-accounts 3. Prepare the 12/31/2020 Stockholder equity section of the balance sheet. 4. How many shares of cominon stock would be outstanding if a two for one stock split was declared on December 30th