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What is the preferred dividend per share

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Reference no: EM133064697

Question - The following stockholders' equity accounts, are in the ledger of Mars Corporation at January 1, 2021.

Common Stock ($6 par value) $2,400,000

Paid-in Capital in Excess of Par-Preferred Stock 280,000

Paid-in Capital in Excess of Par Value-Common Stock 700,000

Preferred Stock (7%, $200 par) 800,000

Retained Earnings 1,250,000

Treasury stock (20,000 shares) 100,000

Required - Answer the following questions:

Prepare the journal entry to close net income for the year to retained earnings. Net income was $500,000.

How many shares of common stock are issued?

How many shares of preferred stock are issued?

What is the preferred dividend per share?

Prepare the stockholders' equity section of the balance sheet (in the proper order) at December 31, 2021.

Reference no: EM133064697

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