1. Record the journal entries for the following facts:
   1. 500 shares of common stock outstanding.
   2. 600 shares of $100 six percent cumulative preferred stock have been outstanding since 2016.
   3. 800 shares of $100 seven percent non-cumulative preferred stock have been outstanding since 2010.
   4. The cumulative preferred stock is subordinate to the non-cumulative preferred stock.
   5. The common shareholders received a dividend in 2017.
   6. Dividends in 2018 were $5,000.
   7. Dividends declared by the board of directors were $16,000 in 2019.
   8. The dividends were paid twelve days after the board of directors declared them.

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