ab Ace Homework: Chapter 15 Homework Save Courses Score: 0 of 10 pts 7 of 11 (1 complete) HW Score: 9.09%, 10 of 110 pts arse Home E15-13 (similar to) Question Help 0 pter Guide Al-Weather Roofing and Siding, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data ) (Click the icon to view the additional information) gnments Read the requirements ussion Boa Requirement a. Prepare the journal entry required to record the preferred stock issue. (Record debits first, then credits Exclude explanations from any journal entries ) on eText Account Current Year media Lit Plan nic Study Requirements n cred a. Prepare the journal entry required to record the preferred stock issue. b. Prepare the journal entries required to record the declaration and payment of the cash dividends. C. Prepare the stockholders' equity section of the balance sheet at the end of the year. Print Done any list or enter any number in the input fields and then click Check Answer. credits $ 3,000,000 20,145,000 Stockholders' Equity Contributed Capital: Common Stock, $4 par value, 2,365,000 authorized and 750,000 shares issued, and 695,500 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Less: Treasury Stock (54,500 common shares at cost) Total Stockholders' Equity $ 23,145,000 7,685,000 903,000 (2,071,000) $ 29,662,000 Print Done i More Info credit All-Weather also issued 831,000 shares of its $8 par value preferred stock. There is a 4% dividend rate on the preferred shares that All-Weather issued at $19 per share. The company paid $220,000 in underwriting fees to issue the shares. It reported $2,645,000 in net income for the year and declared and paid dividends of $1.80 per share on its common shares and 4% of par for the preferred shares. The company has 1,000,000 shares authorized for preferred stock. Print Done