Problem V. Prepare journal entries for the following transactions. (45 pts.) Common Stock-C/S $1.00 par, there are 40,000 shares outstanding Preferred Stock=P/S $100 par, 4%, there are 8,000 shares outstanding 1. Declared an annual P/S cash dividend. 2. Issued 20,000 shares of C/S to purchase furniture worth $320,000. 3. Purchased 3,000 shares of Treasury Stock-C/S for $36,000. 4. Sold 1,000 shares purchased in 3. above for $20 per share. 5. Declared a C/S stock dividend of 5%; market value of each share was $23. 6. Issued 1,000 shares of P/S for $108 per share. 7. Issued the C/S stock dividend. 8. Declared a 2 for 1 C/S stock split - No J/E, but what 2 items changed & by how much? 9. Declared a C/S cash dividend of $0.30/share