FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,000 shares of its common stock at $74 per share. On September 22, Mystic Lake sold 4,200 of the reacquired shares at $80 per share. The remaining 1,800 shares were sold at $71 per share on November 23.
a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Dividends Per Share
Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of
$25 par common.
During its first four years of operations, the following amounts were distributed as dividends: first year, $30,000; second year, $73,000; third year, $80,000; fourth year,
$120,000.
Determine the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year,
enter "0.00".
1st Year
2nd Year
3rd Year
4th Year
Preferred stock (dividends per share)
0.37
$
0.75
0.48
0.48
Common stock (dividends per share)
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