Homework Answers
1) Dividend distribution
| Preferred stock dividend (3600*8*9%) | 2592 |
| Common Stock dividend (16000-2592) | 13408 |
2) Share outstanding = 43000-5600 = 37400 Shares
3) Journal entry
| No | Account and explanation | Debit | Credit |
| Cash (2200*25) | 55000 | ||
| Treasury stock (2200*20) | 44000 | ||
| Paid in capital from sale of treasury stock | 11000 | ||
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