Shown below is the stockholders equity of tiny tots stockholders equity section of the balance sheet at December 31, 2020

Instructions for Project 3: Answer the following, based on the information given on the preceding page: Capital stock, as of December 31, 2021: # of common shares authorized 5,000,000 # of common shares issued and outstanding 670,000 # of preferred shares issued and outstanding Amount of cash dividend to common stockholders $ $ Amount of cash dividend to preferred stockholders $ Total debit to Stock Dividends account Additional paid-in capital, at December 31, 2021 Retained earnings, at January 1, 2021 Retained earnings, at December 31, 2021 Total Stockholders' Equity, at December 31, 2021 Project 3: Stockholders' Equity (10 points) Required: Answer the questions on the following page in this booklet and turn in the entire booklet at the beginning of class on the date specified by your instructor. Shown below is the stockholders' equity section of Tiny Tot's stockholders' equity section of the balance sheet at December 31, 2020: Common stock, $1 par value, 5,000,000 shares authorized, 670,000 shares issued and outstanding $670,000 690,0 Additional paid-in capital 1,420,000 280 Retained earnings 2,900,000 Total stockholders' equity 2,654 $ 4,990,000 4,6 During 2021, the following events occurred: 100) Tiny Tot's was authorized to sell 100,000 shares of $100 par, 8% preferred stock Tiny Tot's sold 15,000 shares of the preferred stock at its par value A cash dividend of $300,000 was declared and paid 120,000 Tiny Tot's declared and issued a 10% stock dividend on the common stock when the market value of the stock was $14 per share Net income for the year was $1,490,000