(Solved): ABC Corporation has two classes of stock: 4\%, \$100 Par Value - Cumulative Preferred stock; 2000 s ...

ABC Corporation has two classes of stock: 4\%, \$100 Par Value - Cumulative Preferred stock; 2000 shares outstanding; there are no dividends in arreas. Common Stock \( \$ 2.00 \mathrm{PV} ; 100,000 \) shares issued and outstanding. 01/02/22 The Board of Directors declares a \( \$ 20,000 \) Cash Dividend to stockholders of record on \( 01 / 31 / 22 \); the payment date is February \( 15,2022 \). REQUIRED: 1) Compute the amount of the dividend for the Preferred and Common Shares 2) Record the Journal Entries for the Declaration Date, Date of Record and Payment Date.