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Dividends Per Share Windborn Company has 30,000 shares of cumulative preferred 3% stock, $150 par and 50,000 shares of $15 paEntries for Issuing Stock On January 22, Muir Corporation issued for cash 17,000 shares of no-par common stock at $45. On Feb

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Answer #1

1) Annual preferred dividend = 30000*150*3% = 135000

Year 1 Year 2 Year 3
Preferred (Dividend per share) 135000/30000 = 4.50 67500/30000 = 2.25 202500/30000 = 6.75
Common (dividend per share) 135000/50000 = 2.7 0 (405000-202500)/50000 = 4.05

2) Journal entry

date General Journal Debit Credit
Jan 22 Cash (17000*45) 765000
Common Stock 765000
Feb 14 cash (1000*60) 60000
Preferred stock 60000
Aug 30 Cash (31000*64) 1984000
Preferred stock (31000*60) 1860000
Paid in capital in excess of par value-Common Stock 124000
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