The Golf Ball Corporation was organized on January 1, 2021. It is authorized to issue 350,000 shares of preferred shares with a $4 dividend rate, and 10,000,000 shares of common shares. Below are the share transactions completed during the year. Jan 3 Issued 250,000 shares of common stock for cash at $10 per share and 20,000 preferred shares for $5 each. April 1 Aug 31 Dec 1 Dec 31 Issued 4,000 shares of common stock to lawyers in payment of their bill of $80,000 for services rendered in helping the company organize. Repurchased 50,000 common shares at $9 per share The Board of Directors declared a dividend of $200,000 in total for all shareholders, as of the date of record December 20, 2021, payable on December 31, 2021. The company maintains separate payable accounts ("Dividend Payable - Preferred' and 'Dividend Payable - Common') for its common and preferred shareholders. Paid for the dividend declared on December 1, 2021