Reference no: EM132605935
Questions -
Q1) The shareholders' equity of Crystal Company includes the items shown below. The board of directors of Crystal declared cash dividends of $4.0 million, $7.0 million, and $56.0 million in each of its first three years of operation: 2019, 2020, and 2021, respectively.
Common stock, $1 par, 50,000,000 shares outstanding
Preferred stock, 7%, $100 par, 1,000,000 shares outstanding
Required - Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating.
Q2) On October 15, 2021, a 6% stock dividend was declared and distributed. The fair value of the common stock on this date was $31.5 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights. On the date of declaration and payment, the company had 11.5 million shares of common stock outstanding. The par of the common shares was $5 per share.
Required - Prepare necessary journal entries to record the above events.
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