Answer:
Explanation:
Journal entries
Jan. 1, 2019	
Dr Cash (750,000x$35) $26,250,000  
       Cr Common stock  $26,250,000
Jan. 1, 2019	
Dr Cash (540,000x$105)         $56,700,000  
       Cr Preferred shares (540,000x$100)  $54,000,000
       Cr Paid in capital in excess of par-Preferred stock      $2,700,000
Dec. 22, 2021	
Dr Cash dividend         $15,000,000  
     Cr Dividend payable-Preferred  $12,150,000
     Cr Dividend payable-Common      $2,850,000
Feb. 12, 2022	
Dr Dividend payable-Preferred         $12,150,000  
Dr Dividend payable-Common           $2,850,000  
      Cr Cash  $15,000,000
Dividend payable-Preferred = $54,000,000x7.5%x3 years =$12,150,000
Dividend payable-Common = $15,000,000-$12,150,000 =$2,850,000