Question 15 0.34 / 0.34 pts A company has 3,500 shares outstanding of its $8 par value, 10%, cumulative preferred stock. On October 9, 2020, the company declares a $12,000 cash dividend. Assume the company did not pay dividends in 2018 or 2019. Calculate the amount of the dividend allocated to common shareholders. 3600 1) Calculate annual preferred dividend = # of preferred shares x par x % 2) Total preferred dividend = annual preferred dividend x # of years (years skipped and current year) 3) Total dividend - total preferred dividend = common dividend aka dividend allocated to common shareholders Question 16 0/0.34 pts Almond Corporation had the following transactions: April 1: Purchased 7,000 shares of its $1 par value common stock paying $9 per share. May 10: Sold 2,000 shares of the stock purchased on April 1 for $9 per share. June 20: Sold 3,000 shares of the stock purchased on April 1 for $14 per share. What is the journal entry for the April 1 transaction? O Dr. Cash $63,000; Cr. Treasury Stock $63,000 Dr. Common Stock $7,000; Cr. Cash $7,000 O Dr. Treasury Stock $7,000; Cr. Cash $7,000 O Dr. Cash $63,000; Cr. Common Stock $63,000 O Dr. Treasury Stock $63,000; Cr. Cash $63,000