Question 1 Presented below is information related to Sameer Company: 1. The company is granted a charter that authorizes issuance of 30,000 shares of $100 par value preference shares and 80,000 shares of no-par ordinary shares. 2. 4,000 ordinary shares are issued to the founders of the corporation for land valued by the board of directors at $150,000. The board establishes a stated value of $5 a share for the ordinary shares. 3. 10,000 preference shares are sold for cash at $120 per share. 4. The company issues 100 ordinary shares to its attorneys for costs associated with starting the company. At that time, the ordinary shares were selling at $60 per share. Instructions Prepare the general journal entries necessary to record these transactions. Question 2 The equity section of CBA shows the following on December 31, 2016: Share capital preference-6%, $100 par, 4,000 shares outstanding $ 400,000 Share capital ordinary-$10 par, 60,000 shares outstanding 600,000 Share premium-ordinary 200,000 Retained earnings 114.000 Total equity $1,314,000 Instructions Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/16 and that preference dividends were last paid on 12/31/14, show how much the preference and ordinary shareholders should receive if the preference shares are cumulative and fully participating