1. Record the journal entries for the following facts.
   1. 1,000 shares of common stock outstanding.
   2. 600 shares of cumulative preferred stock, dividend $3
   3. The cumulative preferred stock has been outstanding for 20 years.
   4. Paid dividends two years ago.
   5. Paid no dividends last year.
   6. The board of directors declared $5,000 of dividends for the current year
   7. Paid the dividends ten days after they were declared.