Spring Company began operations on February 1 with their first stock issuance. They are authorized by their state charter to sell 20,000 shares of $1par value common stock and 4,000 shares of 10%, $100par value convertible, cumulative preferred stock.The following transactions involving stockholder's equity have taken place in their first year of operations:

February 1- Issued 500 shares of common stock to corporation promoters in exchange for computers and legal services with fair market values of $17,000 and $7,000,respectively. The property has cost the promoters$9,000 three years before and was carried on the promoters books (book value) for$5,000.

February 23 - Issued 1,000 shares of preferred stock. Each share can be converted to 5 shares of common stock at the option of the shareholder. The stock was issued at $150 pershare and the company paid $7,500 to an agent for selling the shares.

March 10 - Sold 3,000 shares of common stock for $39 per share. Issue costs were $2,500.

June 9 - Purchased 750 shares of its own common stock at $50 per share. Use the cost method to account for this transaction.

July 14 - Exchanged 700 shares of common stock and 140 shares of preferred stock for a building with a fair market value of $51,000. The building was originally purchased for $38,000 by the investors and has a book valueof $22,000.

July 14 - Sold 600 shares of common stock for $24,000.

July 14 - Sold 125 shares of preferred stock for $15,000.

August 31 - Declared a cash dividend of $ 9000.

September 30 - Paid the cash dividend to shareholders of record on September 1.

October 5 - petired 150 shares of treasury stock, these shares were originally sold for $45 per share.

Nov 1 - Reissued 500 shares of treasury stock at $40 per share.

Dec 1- Declared a cash dividends of $ 28,450.

Dec 15 - Declared a property dividend; a computer with a fair market value of $3,000. Computer has a book value of $2,500.

Dec 31 - Company generated net income of $150,000 for year end.

Required:

1) Prepare all journal entries as a result of the transactions above.

2) Prepare T Accounts for all equity accounts.

3) Prepare a complete stockholders equity section of the balance sheet, in good form.

4) What was the amount, in total, of cash dividends distributed to preferred stockholders vs. common stockholders?