The followng information applies to the questhions displeyed below Permabilt Corp. was incoporated on January 1, 2016, and issued the following stock for cash: 1,600,000 shares of no-par common stock were authorized: 370,000 shares were issued on January 1, 2016, at $35 per share 367000 shares of $100 per value l O % cumularve preferred stock were ou n rzec an 141.000 s ores w e sued on January 1 2016 at S138 per shore Nat income for the years anded Decembor 31, 2016, 2017, and 2018, was $5 420,000, $8,050,000, and $9 440,000, respactively No dividends were declared or paid during 2016 or 2017. However, on Decemiber 17, 2018, the board of directors of Permabilt Corp. declared dividends ef S5,930,000, payable on February 9, 2019, to holders of record as of Jenuary 4, 2019. Raferencos Section Broak Problem 8-24 Common dividends LO1, 2 nd proferred stock issuances and 4. 200 points Problem 8-24 Part a Horizontal Model Required: 1. Use the horizontall model for the issuance of common stock and preferred stock on January 1, 2016. (Use amounts with+for increases and amounts with for decreases.) Assets Liabilities Stockholders" E Net Income ash Common stock red stock Additionel paid-in- 2. Use the horizontal model for the declaration of dividends on December 17, 2018. (Use amounts with+for increases and amounts with for decreases.) tatement Assets Liabilities Stockholders' Equity Net Income spayable +Relained carnings 3. Use the honzontal madel for the payment of dividends on February 9, 2019 (Use amounts with +for Increases and amounts with-for decreases.) Income Assets Net Income ash Dividends payabla b. Of the total amount of dividends declared during 2018, how much will be received by preferred shareholders? Dividends received by Preferred shareholders