JUST NEED PROBLEM #2 PLEASE

Problem 1. Butler & Co has 7% $50 par value cumulative preferred stock issued and $5 par value comon stock issued. The following is the stockholders equity section of the balance sheet at December 31, 2020: Preferred Stock 8% $100 par value Additional Paid in Capital PS Common Stock, SS par value Additional paid in capital CS Retained Earnings 1,000,000 850,000 600,000 300,000 3,200,000 5,950,000 On July 10th, 2021, the board of directors declared a dividend of $360,000 The company is 3 years in arrears on the payment of preferred dividends. Show how the dividend is broken down between the preferred stock and the common stock. Problem 2. Mayer & Co. had the following transactions during the year: 1 Jan 1, Borrows $75,000 from the bank and signs a 6 month note, 9% interest 2 Feb 1, Mayer does not separate sales and sales tax. Records the january sales of $19,610, which includes a 6% sales tax 3 April 1, Borrows $80,000 from a bank signing a 3 month note, 6% interest 4 July 1, pays off the $80,000 note and the applicable interest 5 July 1. pays off the $75,000 note and the applicable interest 6 December 31, records payroll for the year. Gross payroll is $65,000, FICA is 7.65%, Federal Witholding tax is 18%, State witholding tax is 3%, FUlis.7%, SUTis5.4%. (Journalize the payroll to employees as well as the employers portion that needs to be paid) All wages are subject to FICA and unemployment taxes Prepare the journal entries for the above transactions