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Question - Athletics Co. was organized on January 1, 2019. During its first year, the corporation issued 15,000 preferred shares with a $0.28 dividend entitlement and 165,000 common shares, both at $2 per share. At December 31, the corporation's year end, Athletics declared the following cash dividends:
Preferred shares
Common Shares
2019
$0.20 per share
$0.00
2020
as required by terms
$0.12 per share
2021
$0.30 per share
Required -
a) Calculate the total dividends for each year and the amount paid to each class of shares, assuming the preferred dividend is NOT cumulative.
b) Calculate the total dividends for each year and the amount paid to each class of shares, assuming the preferred dividend is cumulative.
c) Journalize the declaration of the cash dividend at December 31, 2021 using the assumption of part a).
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