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Show the allocation of dividends to each class of stock

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Question - Crane Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $6,075; 2020, $13,900; and 2021, $28,000.

1. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative.

2. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative.

3. Journalize the declaration of the cash dividend at December 31, 2021, under part (b).

Reference no: EM132156313

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