QUESTION 4 Cash Dividend/Stock Dividend (20 marks) A Kim Corporation had the following shares outstanding when the board of directors declared a $103,000 cash dividend: (5 marks) $5. Preferred shares, 5,000 shares issued and outstanding $250,000 Common shares, 50,000 shares issued and outstanding 500,000 Total $750,000 Allocate the dividend between the preferred and common shareholders assuming the preferred shares are cumulative and are one year in arrears B. Hard Wok Cafe Corporation has 100,000 common shares outstanding. The following transactions related to the company's shares took place during the year: (15 Marks) Apr. 15 Declared a 30% share dividend to shareholders of record on May 1, to be issued May 10. Current market value is $10 per share. May 10 Issued share dividend. Prepare the journal entries to record the transactions, assuming the date of record is May 1