This is a graded discussion: 10 points possible due Feb 4 2 2 Chapter 13 team discussion problem - Team 2 From ACCT&202 - 1200 Individually complete one part of the problem below. Each student on your team should complete a different part (1, 2, 3, or 4); teams with 3 members may complete any three parts. (Note that parts 1 and 2 each consist of one journal entry; parts 3 and 4 each consist of two journal entries.) In your post, (1) present the required journal entry or entries, (2) show all calculations, and (3) describe the impact of the journal entry for entries) on the stockholders' equity section of the balance sheet. IMPORTANT INSTRUCTIONS: 1. Navigate to your Group Homepage. Use your Group's Announcement tool to decide among your group-mates who will work on which part (1, 2, 3, or 4). 2. Once your roles are agreed, type or paste the solution to your part directly into your group's designated "Chapter 13 team discussion problem" Discussion forum. 3. For full credit, be sure to comment on at least two of your teammates' posts. Comments may be posted up to 24 hours after the initial team problem submission deadline. CHAPTER 13 TEAM PROBLEM Kodiak Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2020, its first year of operations: PART 1 January 2 Issue 110,000 shares of common stock for $70 per share. PART 2 February 14 Issue 60,000 shares of preferred stock for $12 per share. PART 3 May 8 Repurchase 11,000 shares of its own common stock for $60 per share. 31 Reissue 5,500 shares of treasury stock for $65 per share. May PART 4 Decembe 1 Declare a cash dividend on its common stock of $0.25 per share and a $36,000 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) Decembe 30 Pay the cash dividends declared on December 1. Required Record the transaction(s) included in your part of the problem, and describe the impact of your journal entry(ies) on the stockholders' equity section of the balance sheet. For full credit, be sure to show all supporting calculations