Torino Company has 2300 shares of $10 par value, 6.5% cumulative and nonpartie ating preferred stock and 21000 shares of SO par value con mon stock outstanding The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common Multiple Choice $1,000 $1,730 2.730. 1,365 $365 A company's board of directors votes to declare a cash dividend of $1.30 per share of common stock. The company has 26,000 shares authorized, 21,000 issued, and 20.500 shares outstanding. The total amount of the cash dvidend is: Mutiple Choice $27300 $53.950 $33,800. $32.800. $26.650 Prex 5 of 10Next> 6 A corporation issued 160 shares of its $5 par value common stock in payment of a $2.400 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $800 deba to Crganization Expenses A $2.400 credit to Common Stock A $2.400 credit to Cash A $2.400 debh to Legal Expenses A $1600 credit to Paidin Capital in Excess of Par Velue, Common Stock