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Timber Ridge Corporation was organized on January 1, 2013. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends:
2013 $ 8,000
2014 $30,000
2015 $70,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative.
(b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative.
(c) Journalize the declaration of the cash dividend at December 31, 2015 using the assumption of part (b).
(a) Preferred Common Total
2013
2014
2015
(b) Preferred Common Total
(c)
Date
Account
Debit
Credit
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