Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2025. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2022, what are the dividends in arrears on December 31, 2025? The amount of dividends in arrears on the December 31, 2025 $ How should these dividends be reported? The cumulative dividend is as a liability. (b) If the preferred stock is convertible into 7 shares of $10 par value common stock and 4,000 shares are converted, what entry is required for the conversion assuming the preferred stock was issued at par value? (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders Equity Common stock, 5 million shares at $1 part Paid-in capital-excess of par Retained earnings Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 480,000 shares at $9 per share. February 17, 2825 Reacquired 480,000 shares at $6.50 per share. November 9, 2826 Sold 335,000 shares at $8 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net Income was $20 million in 2024, $22 million in 2025, and $24 million in 2026. No dividends were paid during the three-year period. Complete…

Splish Brothers Inc. has 10,800 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021.If Splish Brothers wants to pay $395,000 of dividends in 2022, what amount of dividends will common stockholders receive? Dividends allocated to common stock   $enter Dividends allocated to common stock in dollars

On January 1, 2021, Novak Corp. had  479,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1   Issued  117,000 shares March 1   Issued a 10% stock dividend May 1   Acquired  103,000 shares of treasury stock June 1   Issued a 3-for-1 stock split October 1   Reissued  59,000 shares of treasury stock Part 1   Incorrect answer icon Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2021.Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $ 426,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Novak Corp.Income Statementchoose the accounting period   select an opening name for this statement     $ enter a dollar amount per share rounded to 2 decimal places select an income…