Wissam Company was established on January 1, 2017. The Company issued 10,000 shares of common stock and 2,000 shares of preferred stock on that date. The preferred shares are cumulative, $100 par, with a 6% dividend rate. 2018 was the first profitable year of the company in which it declared a total cash dividend of $34,000 on December 31, payable on January 20, 2019. The total amount of cash dividends that will be paid to preferred shareholders is: * $2,400 $12,000 $15,000 $34,000 None of the above

Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare all of the necessary journal entries to record the events described above. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.

On January 1, 2022, Cullumber Corporation had $1,125,000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit account titles are automatically indented when 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) a. b. No. Account Titles and Explanation a. Par value is $10, and market price is $19. Par value is $5, and market price is $20. b. Debit Credit

The following data were taken from the accounts of BestDeals Corporation at the end of 2019:             Capital stock, par $10 (20,000 shares issued) $200,000 Contributed capital in excess of par     305,000 Retained earnings, balance December 31, 2018     100,000 Revenues earned during 2019   500,000 Expenses incurred during 2019   420,000 Cash dividends declared and paid (during 2019)     30,000 Treasury stock (1,000 shares at cost)     17,000 The total amount of stockholders' equity that should be reported on the balance sheet dated December 31, 2019, is A. $278,000 B. $638,000. C. $398,000

Following is a recent Tangent press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/—The board of directors of Tangent Corporation has declared a quarterly dividend of 82 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020. Prepare the journal entries Tangent used to record the declaration and payment of the cash dividend for its 500 million shares.