Sloboda Corporation was organized in $2022.$ On December $31,2022,$ Sloboda Corporation's balance sheet reportedthe shareholders' equity that follows.Shareholders' equityPreferred shares, $$0\mathrm{.}20,50,000$ shares authorized, none issuedShareholders' EquityCommon shares, $100,000$ shares authorized, $10,000$ shares issued and outstandingRetained earnings $($Deficit$)$Required$1.$ What does the $$0.20$ mean for the preferred shares? If Sloboda Corporationissued $4,000$ preferred shares, how much in cash dividends will SlobodaCorporation expect to pay per year?$2.$ At what average price per share did Sloboda Corporation issue theCommon shares?$3.$ Were first$-$year operations profitable? Give your reason$\mathrm{.}4.$ Journalize the share transactions that took place during $2023.$ Explanationsare not required.a$.$ Issued for cash $10,000$ preferred shares at $$2\mathrm{.}50$ per share.b$.$ Issued for cash $1,000$ common shares at a price of $$9\mathrm{.}00$ per share.c$.$ Issued $25,000$ common shares to acquire a building valued at $$235,000$d$.$ Net income for the year was $$62,500,$ and the company declared nodividends. Make the closing entry for net income$\mathrm{.}5.$ Prepare the shareholders' equity section of the Sloboda Corporation balance$-$X$87,500(20,000)$Check answer