QUESTION 2 Steiner Corporation reported the following information in its Balance Sheet on December 31, 2018: STEINER CORPORATION Partial Balance Sheet December 31, 2018 Stockholders' equity 8% Preferred stock, $100 par value, cumulative, 5,000 shares issued $500,000 In excess of par value-preferred stock $280,000 Common stock, $5 par value, 440,000 shares issued $2,200,000 In excess of par value-common stock $800,000 Total paid-in capital $3,780,000 Retained earnings- $1,334,000 Total paid-in capital and retained earnings- Less: Treasury stock (10,000 common shares) - Total stockholders' equity $5.114,000 ($120,000) -- $4,994,000 On December 1, 2018, the board of directors declared cash dividends. This is the only cash dividend declared during 2018 The dividend in arrears as of December 1, 2018 is $30,000. The net income was $600,000 for the entire year of 2018. The balance of retained earnings at the end of 2017 was $900,000. Compute the amount of cash dividend on common stock! declared on December 1, 2018 in On January 12, 2019, Steiner issued 20,000 shares of common stock with an issue price of $20 per share, 55 par value. Record the journal entry for this transaction in On January 28, 2019, Steiner reissued 5,000 shares of its treasury stock for $15 per share. Record the journal entry for this transaction in On March 28, 2019, Steiner reissued 4,000 shares of its treasury stock for $10 per share. Record the journal entry for this transaction in On December 20, 2019, Steiner declared a 10% stock dividend to common shareholders. The market value of common stock was $25 per share at the declaration of the stock dividend. Enter the value of the stock dividend to common shareholders in