Various Preferred Stock Characteristics-Workpaper Entries LO 7 Sam's Company reported the following stockholders' equity account balances on December 31,2019 On December 31, 2019, Peterson, Inc, acquired 60/6 of Sam Company's common stock for $550,000 and 408 of its preferred stock for $55,000. The difference between the implied value of the common sock (preferred stock) and the book value is allocased entirely to land (other contributed capital and noncontrolling interest). Required: Prepare in general journal form the December 31, 2019, workpoper entrios to elintinate the imestreent in contmon and preferred sock for each of the fotlowing independent cases: Cave 1: The preferred sock is noncamulative and nonparticipating. Case 21 The preferced stock is cumulative and wonarticipating, and dividends weet not paid in 2018 and 2019. Case 3: The preferred stock is noncunvolative and fully participating