Reference no: EM133171878
Question - The following share capital information is available for a corporation with an April 30, 2022 year-end:
The shares were issued when the corporation began operations on May 1, 2015. No dividends were declared during the fiscal years ended 2020 and 2021. On February 28, 2022, the board of directors declared the required preferred share dividends and a $0.75 dividend for each of the common shares. The dividends are payable on April 1, 2022, to the shareholders of record on March 15, 2022.
Preferred shares, $3.00 cumulative, 27,000 shares issued $1,000,000
Preferred shares, $4.50 noncumulative, 15,000 shares issued 600,000
Common shares, 220,000 shares issued 1,320,000
How much will be paid to each class of shares?
Prepare journal entries on the appropriate dates for the 2022 dividends.
Assume instead that the maximum cash dividend the company can pay is $387,500. Determine how much will be paid to the preferred shareholders and to the common shareholders.
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