B Question 4 of 4 Cash < Current Attempt in Progress The books of Bramble Corporation carried the following account balances as at December 1, 2023: Preferred shares. $2 cumulative dividend, non-participating. 17,000 shares issued Common shares, 220,000 shares issued Contributed surplus (preferred) Retained earnings > < > For $2 Preferred current: The preferred shares have dividends in arrears for the past year (2022). On December 21, 2023, the board of directors declared the following: The current-year dividends shall be $2 per share on the preferred and $0.70 per share on the common; the dividends in arrears shall be paid first by issuing one common share for each 10 preferred shares held. Account Titles and Explanation For Preferred in arrears: The preferred shares are currently selling at $35 per share and the common shares at $17 per share. Net income for the year ending December 31, 2023, is estimated at $48,000. $1,220,000 Question 4 of 4 E (a) Prepare the journal entries that are required for the dividend declaration, distribution, and payment, assuming that they occur at the same time. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) For $0.70 per share Common: 510,000 Debit 3,300,000 100 142,000 319,000 Credit ⠀
B Question 4 of 4 Cash < Current Attempt in Progress The books of Bramble Corporation carried the following account balances as at December 1, 2023: Preferred shares. $2 cumulative dividend, non-participating. 17,000 shares issued Common shares, 220,000 shares issued Contributed surplus (preferred) Retained earnings > < > For $2 Preferred current: The preferred shares have dividends in arrears for the past year (2022). On December 21, 2023, the board of directors declared the following: The current-year dividends shall be $2 per share on the preferred and $0.70 per share on the common; the dividends in arrears shall be paid first by issuing one common share for each 10 preferred shares held. Account Titles and Explanation For Preferred in arrears: The preferred shares are currently selling at $35 per share and the common shares at $17 per share. Net income for the year ending December 31, 2023, is estimated at $48,000. $1,220,000 Question 4 of 4 E (a) Prepare the journal entries that are required for the dividend declaration, distribution, and payment, assuming that they occur at the same time. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) For $0.70 per share Common: 510,000 Debit 3,300,000 100 142,000 319,000 Credit ⠀
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:C
3
Question 4 of 4
Current Attempt in Progress
The books of Bramble Corporation carried the following account balances as at December 1, 2023:
Cash
Preferred shares, $2 cumulative dividend, non-participating. 17,000 shares issued
Common shares, 220,000 shares issued
Contributed surplus (preferred)
Retained earnings
Account Titles and Explanation
For Preferred in arrears:
$1,220,000
510,000
For $2 Preferred current:
3,300,000
The preferred shares have dividends in arrears for the past year (2022). On December 21, 2023, the board of directors declared the
following: The current-year dividends shall be $2 per share on the preferred and $0.70 per share on the common; the dividends in
arrears shall be paid first by issuing one common share for each 10 preferred shares held.
For $0.70 per share Common:
142,000
The preferred shares are currently selling at $35 per share and the common shares at $17 per share. Net income for the year ending
December 31, 2023, is estimated at $48,000.
Debit
319,000
Question 4 of 4 <
(a) Prepare the journal entries that are required for the dividend declaration, distribution, and payment, assuming that they occur at
the same time. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
III
Credit
⠀
⠀
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