FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sunland Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value
preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash
dividends: 2021, $4,800; 2022, $13,600; and 2023, $29,000.
(a)
Your answer is correct.
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative.
Allocation to preferred stock
Allocation to common stock
A
2021
4,800
0
LA
2022
7,000
6,600
2023
7,000
22,000
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Transcribed Image Text:Sunland Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,800; 2022, $13,600; and 2023, $29,000. (a) Your answer is correct. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. Allocation to preferred stock Allocation to common stock A 2021 4,800 0 LA 2022 7,000 6,600 2023 7,000 22,000
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative.
Allocation to preferred
stock
Allocation to common
stock
A
2021
p
A
LA
2022
2023
expand button
Transcribed Image Text:Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. Allocation to preferred stock Allocation to common stock A 2021 p A LA 2022 2023
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