Problem 2a. Worth 15 72 points 2a.. Curtin Corporation began operations on January 1. The following transactions relating to stockholders' equity occurred in the first two years of operations: Year 1: Jan. 1 Authorized the issuance of 3 million shares of $5 par value common stock and 200,000 shares of $100 par value, 10% cumulative preferred stock. Jan. 2 Issued 200,000 shares of common stock for $15 cash per share Jan3. Issued 200.000 shares of common stock in exchange for a building valued at $1,350,000 and merchandise inventory valued at $700,000 Jan. 4 Issued 5,000 shares of common stock for legal fees of $26,700. Fees were incurred in the organization of the company. Jan 5. Issued 15,000 shares of preferred stock for $120 cash per share. Year 2: Jan 1: Issued 100,000 shares of common stock for $16 cash per share Prepare the journal entries for the above transactions. Problem 26: Worth 10 points 2b. Prepare a table showing dividend allocation for both years assuming Curtin declares the following cash dividends: Year 1. $100,000; Year 2 $ 400.000 Yr1 Preferred Common Yr 2