Homework Answers
1.
Total dividend paid:
Preferred Stock = 150,000 X $30 X 12% X 4 years = $2,160,000
Common Stock = 1,000,000 X $0.45 = $450,000
= $2,160,000 + $450,000
= $2,610,000
2.
| Accounts and Explanation | Debit | Credit |
| Dividend | $2,610,000 | - |
| Dividend payable | - | $2,610,000 |
| (To record dividend declared) |
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