Problem Set #1: Course Outline #2 and #4 Page 15 of 19 Problem #2: Reporting Earnings and Comprehensive Income (100 points) In its balance sheet at December 31, 2019, Diamante Distributing Company reported: Stockholders' Equity: $5 Preferred Stock, $100 par value, 3,000 shares $300,000 Common Stock, $10 par value, 40,000 shares 400,000 Additional Paid-In Capital 200,000 Retained Earnings 480,000 Accumulated Other Comprehensive Income 40.000 Total Stockholders' Equity $1,420,000 a) On May 1, 2020, Diamante Distributing Company issued 15,000 shares of common stock for cash of $20 per share. Record the issuance of the stock for cash on May 1, 2020 in proper general journal form. (6 points) ACCOUNT NAMES DEBIT CREDIT DATE ols dio b) On December 15, 2020, Diamante Distributing Company declared cash dividends of $5.00 per share on the preferred stock and $1.00 per share on the common stock to be paid on January 15, 2021. Record the declaration of the dividends on December 15, 2020 in proper general journal form. (6 points) DATE ACCOUNT NAMES DEBIT CREDIT SUPPORTING CALCULATIONS REQUIRED: c) Present the computation of the weighted average common shares outstanding that Diamante Distributing Company would use in its earnings per share calculations for 2020. (6 points)