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Hodge corporation issued 100000 shares of 20 par value

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Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on Jan 1 2013, for $2,300,000. In Decmber 2015, Hodge declared its first dividend of $500,000.

1. Prepare the journal entry to record the issuance of the perferred stock.

2. If preferred stock is NOT cumulative, how much of the $500,000 would be paid to the COMMON stockholders.

3. If the preferred stock is cumulative, how of the $500,000 would be paid to COMMON stockholders.

Reference no: EM13485979

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