Answer:
(a)
Preferred stock Dividend = ( 10,000 x 100 ) x 8% = $80,000
Cumulative Dividend
       Date                   Dividend for the year      Balance
December 31, 2015           $80,0000              $80,000
December 31, 2016           $80,0000              $160,000
December 31, 2017           $80,0000              $240,000
Payable of $240,000 Dividend will be reported on the Balance Sheet. 
(b)                                                          Dr.                       Cr.
Preferred Stock (4,000 x $100)   $400,000
Common stock ((4000 x 7) x $10)                            $280,000
Paid-In Capital in excess of Par - Common share  $120,000
(c)
Cash ( 4000 x 107 )                       $428,000
Preferred Stock (4000 x $100)                                 $400,000
Paid-In Capital in excess of Par - Preferred share  $28,000
It will be reported in balance sheet as follow:
Equity                                                                               $
Preferred Stock                                                          400,000
Paid-In Capital in excess of Par - Preferred share     28,000
Explanation:
(a) Last dividend was paid on December 31, 2014, the subsequent 3 years are outstanding until December 31, 2017, so the total payable dividend is $240,000 which will be reported on Balance sheet.
(b) 4000 preferred shares on par value are converted to 7 common shares each at $10 par value.
(c) Preferred stock issued @ $107 will be reported as Preferred stock of $400,000 and Paid-In Capital in excess of Par - Preferred share of $28,000.