Question

I NEED URGENT HELP PLEASE, MY ASSIGNMENT IS DUE IN HALF AN HOUR. THANK YOU IN ADVANCE!!

Current Attempt in Progress The shareholders'equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows: 2020 Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 26,700 shares issued $213,600 Share capital, 5,000,000 common shares authorized 1,250,000 common shares issued (2019-1,050,000 shares) 5.200,000 Retained earnings 3,979,000 Total shareholders' equity $9,392,600 During 2020, Deer paid a total of $114,300 in cash dividends. Assume the preferred shares were not in arrears at December 31, 2019. How was the $114,300 in cash dividends distributed between the two types of shares in 2020? Preferred Common 2020 $ $ $ e Textbook and Media List of Accounts Assume the preferred share dividends were in arrears for one year that is, the dividends were not paid in 2019. How was the $114,300 in cash dividends distributed between the two classes of shares? Preferred Common $ 2019 arrears $ 2020 $ $ la

I need Answers for all 3 columns; Preferred, Common and Total, please.

I need answers for all Credit and Debit columns please, thank you!

Answer 1

Answer: 1. Assume No Preffered Dividend Arrears Preffered Dividend Common Dividend Total 2020 $ 53,400 $ 60,900 $ 114,300 2. Assume one year Preffered Dividend Arrears Preffered Dividend Common Dividend 2019 $ 53,400 $ 2020 $ 53,400 $ 7,500 $ $ Total 53,400 60,900 114,300 Credit Journal Entries No Account Tittle 1 Cash A/C Common Stock A/C (Common Stock Issued) Debit $ 832,000 $ 832,000 2 $ 114,300 Dividends A/C Dividends Payable A/C (To record Declaration of Dividend) $ 114,300 3 114,300 Dividends Payable A/C $ Cash A/C (To record Dividends Paid During the Year) $ 114,300 4 XXX Income Summary A/C Retained Earnings A/C (To close Net Income to Retain earnings) XXX 5 $ 114,300 Retained Earnings A/c Dividends A/C $ 114,300 Note: No Information about Current Net Income so I made entry without Values