Question 20 5 pts Michael, Inc. is authorized to issue 50,000 shares of $50 par value, 8% cumulative, preferred stock and 750,000 shares of $5 par value common stock. On December 1, declared $1.00 per share cash dividend on 96,000 shares common stock outstanding. Prepare a journal entry to record the following transaction that occurred during the first year of operations. If no entry is required, Indicate "No Entry Required" June 1 Sold 10,000 shares of preferred stock for $60 a share DR CR BI VAAI E #3 1.** - 2 Ve B T 14 12pt Paragraph MacBook Air