The stockholder’s equity accounts of a company on January 1 were as follows:

During the year, the corporation had the following transactions and events pertaining to its stockholder’s equity:

• Mar. 1: Issued 15,000 share of common stock for $277,500
• April 15: Purchased additional shares of common treasury stock at $17 per share
• July 20: Sold 3,000 shares of treasury stock for $63,000
• Dec. 31: Net income for the year was $234,000. Declared an $80,000 cash dividend on December 27th. Dividends are one year in arrears.

1. What is the average per-share sales price of the preferred stock when issued?
2. Prepare the journal entry for the March 1 transaction.
3. Of the dividends declared, what amount will be allocated to common stockholders?