Homework Answers
1a.
Preferred dividend = 5,000*$20*5% = $5,000
Cumulative preferred stock:
| 2016 | 2017 | 2018 | |
| Preferred stock | $4,000 | $5,000 | $5,000 |
| Common stock | 0 | 5,000 | 15,000 |
| Total | $4,000 | $10,000 | $20,000 |
1b.
Non cumulative preferred stock:
| 2016 | 2017 | 2018 | |
| Preferred stock | $4,000 | $6,000 | $5,000 |
| Common stock | 0 | 4,000 | 15,000 |
| Total | $4,000 | $10,000 | $20,000 |
2.
| Date | General Journal | Debit | Credit |
| Dec.22, 2018 | Retained earnings | $20,000 | |
| Dividend payable | $20,000 | ||
| Jan.14, 2019 | Dividend payable | $20,000 | |
| Cash | $20,000 |
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