Reference no: EM132951040
Selected T-accounts for Jade Mineral Corporation at December 31, 2020, are duplicated below.
Preferred Shares, $6 cumulative
10,000 shares authorized
9,000 shares issued 225,000 Dec. 31/19 Bal. 225,000 Dec. 31/20 Bal.
Common Shares, 50,000 shares authorized
45,000 shares issued 585,000 Dec. 31/19 Bal. 585,000 Dec. 31/20 Bal.
Retained Earnings 136,000 Dec. 31/19 Bal. ? Dec. 31/20 Bal.
Note:
- Dividends were not paid during 2018 or 2019. Dividends of $5.80 per common share were declared and paid for the year ended December 31, 2020.
- 2018 was the first year of operations.
- All shares were issued in the first year of operations.
Required:
Problem 1. What is the total amount of dividends that the preferred shareholders are entitled to receive per year?
Problem 2. Are there any dividends in arrears at December 31, 2019? If yes, calculate the dividends in arrears.
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