Question

The following elements of stockholders' equity from the balance sheet of need Marketing Corp. at December 31, 2017: Click on the icon to view the data) Sneed paid ne preferred dividends in 2017 Read the requirements Requirement 1. Compute the dividends to the preferred and common shareholders for 2018 total dividends are $185.000 and assuming the preferred cock is no cumulative Assume ne changes in proferred and common stock in 2018 (Complete will not boxes. Enter "o" for any rere amounts) Sneed's 2018 dividend would be divided between preferred and common stockholders in this manner Total Dividend 2018 Dividend to preferred stockholders Dividend in areas Data Table Current year dividend Total dividend to preferred stockholders Stockholders' Equity Dividend to common stockholders Paid in Capital Requirement 2. Record the journal entries for 2018 assuming that need Marketing Corp. declared the dividends of Preferred Stock 4%, 2 Par Value 50,000 shares pedra, the credits explanation on the last line of the journal entry table. If no entry is required select "No entry required on the first authorised, 55.000 shares issued and outstanding $ 110.000 Jul. 1. 2018 Declared dividend Common Stock 30.10 Perlu 8.750,000 shares 800.000 Date authorized 8.000.000 shares issued and outstanding Debt Accounts and Explanation Credit Print Done

Answer 1

1		Total Dividend - 2018		$185,000
		Dividend to preferred stockholders:
		Dividends in arrears	$0
		Current year dividend	$4,400
		Total dividend to preferred stockholders		$4,400
		Dividend to common stockholders		$180,600
	Date	Account Titles and Explanation	Debit	Credit
Declared Dividend:	July 1	Cash Dividend	$185,000
		Dividend Payable -Preferred		$4,400
		Dividend Payable -Common		$180,600
Date of Record:	July 15	No Journal entry required
Paid Dividend:	July 31	Dividend Payable -Preferred	$4,400
		Dividend Payable -Common	$180,600
		Cash		$185,000