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ating Actii 2, Michael, Inc. 750,000 shares of S5 is authorized to issue 50,000 shares...

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ating Actii 2, Michael, Inc. 750,000 shares of S5 is authorized to issue 50,000 shares of $50 par value, 8% cumulative, preferred stock and par value common stock. Prepare journal entries to record the following transactions that uring the first year of operations. If no entry is required, indicate "No Entry Required." (30 points) a. Jan. 10 Sold 96,000 shares of common stock for $10 a share. b. June I Sold 10,000 shares of preferred stock for S60 a share. c. On December 1, declared $1.00 per share cash dividend on 96,000 shares common stock outstanding. d. December 15, cash dividend date of record: e On January 1 the cash dividend was paid to shareholders

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