Problems - Respond to 2 of the following 3 problems (175 points each) 1. Chase Corporation has the following capital structure at the beginning of 2019 5% Preferred stock, $50 par value, 50.000 shares authorized; 10,000 shares issued and outstanding Common stock, $5 par value, 100,000 shares authorized: 50.000 shares issued and outstanding Paid-in capital in excess of par $500,000 250,000 340,000 Total paid-in capital Retained earnings Total stockholders' equity 1.090.000 460,000 $1,550,000 Required: a. Prepare journal entries for the following transactions which occurred consecutively throughout 2019. i. A total cash dividend of $50,000 was declared to stockholders of record. ii. Bought 3,000 shares of treasury stock at $20 per share. iii. Resold 1,000 treasury shares at $22 per share. iv. Resold 750 shares of treasury stock at $17 per share. b. Prepare the stockholders' equity section of the balance sheet at December 2019. Assume that net income for the year was $170,000