Reference no: EM132640893
Questions -
Q1) Seacrest Company has 25,000 shares of cumulative preferred 3% stock, $150 par and 50,000 shares of $5 par common stock. The following amounts were distributed as dividends:
Year 1 $225,000
Year 2 90,000
Year 3 337,500
Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'.
Q2) On January 22, Muir Corporation issued for cash 23,000 shares of no-par common stock at $50. On February 14, Muir issued at par 2,000 shares of 7%, $50 par preferred stock for cash. On August 30, Muir Corporation issued for cash 15,000 shares of preferred 7% stock, $50 par at $54.
Journalize the entries to record the January 22, February 14, and August 30 transactions.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Q3) The declaration, record, and payment dates in connection with a cash dividend of $32,000 on a corporation's common stock are February 1, March 18, and May 1.
Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
Q4) Madrid Corporation has 17,000 shares of $70 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $81 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
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