Question

Exercise 14-02 a-c Oriole Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 101,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,550; 2020, $14,500; and 2021, $29,000. Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 Allocation to preferred stock $ $ $ Allocation to common stock $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. 2019 2020 2021 Allocation to preferred stock $ $ $ Allocation to common stock $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is correct. Journalize the declaration of the cash dividend at December 31, 2021, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Question Attempts: 2 of 5 used SAVE FOR LATER SUBMIT ANSWER

Answer 1

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. Preferred dividend = 1900*50*7% = 6650 2019 2020 2021 Allocation to preferred stock $5550 6650 6650 Allocation to common stock $0 $14500-6650 = 7850 $29000-6650 = 22350

Your answer is partially correct. Try again. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative Preferred dividend = 1900*50*9% = 8550. 2019 2020 2021 Allocation to preferred stock $5550 $8550*2-5550 = 11550 $8550 Allocation to common stock $0 $14500-11550 = 2950 $29000-8550 = 20450

Your answer is correct. Journalize the declaration of the cash dividend at December 31, 2021, under part (b). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash dividend 29000 Dividend payable 29000 Click if you would like to Show Work for this question: Open Show Work