Randolph Corporation was organized in 2017. At December 31, 2017, Randolph Corporation's balance sheet reported the following stockholders' equity. (Click the icon to view the balance sheet information.) Read the requirements. Requirement 1. What does the 5 percent mean for the preferred stock? After Randolph Coporation issues preferred stock, how much in annual cash dividends would it expect to pay on 10,000 shares? The 5% for the preferred stock represents the After Randolph Coporation issues preferred stock, how much in annual cash dividends would Randolph Corporation expect to pay on 10,000 shares? Start by determining the formula needed to calculate the dividends on the preferred stock. =Preferred dividends Now, using the formula you determined above, complete the sentence below. After the company issues preferred stock, it can expect to pay S in annual cash dividends on 10,000 shares. Requirement 2. At what price per share did Randolph Corporation issue the common stock during 2017? Select the formula needed and then enter the amounts to calculate the issue price per share. (Round to the nearest cent.) Requirement 3. Were the first-year operations profitable? Give your reason. as shown by the balance in = Issue price Requirement 4. During 2018, the company completed the following selected transactions. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Issued for cash 2,000 shares of preferred stock at par value Date Journal Entry Accounts Debit Credit b. Issued for cash 2,500 shares of common stock at a price of $4.00 per share. Date b. Journal Entry Accounts Debit Credit Data table Paid-in capital: Stockholders' Equity Preferred stock, 5%, $5 par, 50,000 shares authorized, none issued Common stock $1 par, 130,000 shares authorized. 10,000 shares issued and outstanding Paid-in capital in excess of par-common Total paid-in capital Retained earnings (deficit) Total stockholders' equity Requirement 5. Prepare the stockholders' equity section of the Randolph Corporation balance sheet at December 31, 2018. Assume net income for the year is $81,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid-in capital: Total stockholders' equity Print Done 10,000 25.000 35,000 (5,000) 30,000 - X