Answer is given below
![Dividend per Preferred stock Dividend per Common share Year 1 $0.29 $0.00 Year 2 $0.47 $0.00 Year 3 $1.49 $0.76 Year 4 $0.75](//img.homeworklib.com/questions/58fb27e0-6efc-11ea-91c0-f571511076ad.png?x-oss-process=image/resize,w_560)
Dividend per Preferred stock Dividend per Common share Year 1 $0.29 $0.00 Year 2 $0.47 $0.00 Year 3 $1.49 $0.76 Year 4 $0.75 $2.58 Year 1 $2,900 Year 2 $4,700 Year 3 $24,780 Year 4 $41,040 A $2,900 $4,700 $7,500 Dividend Less: Preferred dividend Arrears paid of year 1 Arrears paid of year 2 Total Preference dividend Balance dividend to Common stock $7,500 $4,600 $2,800 $14,900 $9,880 $2,900 $4,700 $7,500 B $33,540 A-B 10,000 Number of Preference shares Number of Common shares 10,000 13,000 10,000 13,000 10,000 13,000 13,000 Dividend per Preference shares Dividend per Common share $0.29 $0.00 $0.471 $0.00 $1.49 $0.76 $0.75 $2.58 Working note: Arrears of Preference dividend Arrear of Year 1 + Year 2 $4,600 $2,800 Preference dividend per year $7,500 (10000*$25*3%) a) Account title Credit Journal Entries Date March 9 Treasury stock To Cash Debit $342,400 10700*32 $342,400 June 9 $234,500 Cash To Treasury stock To Paid in capital on sale of treasury stock 6700*35 $214,400 6700*32 $20,100 6700*33 $96,200 November 13 Cash To Treasury Stock To Paid in capital on sale of treasury stock 2600*37 $83,200 2600*32 $13,000 2600*35 b) Balance in paid in capital from sale of treasury stock December 31 of current year $33,100 Credit ($20,100+$13,000)