On January 2, 2017, Marigold Corporation issued 76000 shares of 6% preferred stock at $100 par value. On December 31, 2020,Marigold Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in thecurrent year before any distribution is made to common stockholders?O $1368000O $0O $1824000O $456000

A dividend is part of a company's profit which is the distribution of a part of a corporation's…

Answered: On January 2, 2017, Marigold…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2021, Pina Corporation had 119000 shares of its $0.001 par value common stock outstanding. On November 27, when the market price of the stock was $9, the corporation declared a 10% stock dividend to be issued to stockholders of record on December 28, 2021. What was the impact of the 10% stock dividend on the balance of the retained earnings account? $11900 decrease O $107100 decrease No effect ○ $95200 decrease
6. Nichols Inc. has the following transactions impacting its equity accounts during 2020. The number of shares of $1 par value common stock authorized is 100, 000, 000 and the number of shares outstanding as of January 1, 2020 is 40,000,000. The company also has 10,000 shares of 5% preferred stock with $100 par value authorized and outstanding at the beginning of the year. The preferred stock may be converted into 10 shares of common stock and was originally issued for $110 per share. Please record the following transactions: Jan 1 - Nichols issues 20,000,000 shares of common stock for $11 per share. May 1 - Repurchases 400,000 shares of common stock for $10 per share. June 1 - Sold 80,000 shares of treasury stock for $12 per share. October 1 - Nichols issues a 50% stock dividend (issued and distributed same day) December 1 - Issued 20,000 shares for land. The market price of the common stock is $13 per share. Prepare the journal entries to record each of the transactions above. What…
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On October 1, 2021 Chief Corporation declared and issued a 10% stock dividend. Before this date, Chief had 80,000 shares of $5 par common stock outstanding. Te of Chief Corporation on the date of desiaration was $10 per share. As a result of this dividend, Chief's retained earnings will
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Marigold, Inc. has 10500 shares of 4%, $100 par value, noncumulative preferred stock and 105000 shares of $1 par value common stock outstanding at December 31, 2019, and December 31, 2020. The board of directors declared and paid a $49300 dividend in 2019. In 2020, $111000 of dividends are declared and paid, What are the dividends received by the preferred and common shareholders in 2020? Preferred Common $42000 $69000 $0 $111000 $79500 $31500 $55500 $55500 96 5 6 7 d
refer to the photo
On January 1, 2021, Sue Company had 3,000,000 shares of its common stockissued and outstanding. Sue issued a 10% stock dividend on July 1, 2021. OnOctober 1, 2021, Sue retired 120,000 of its common shares. When calculating basicearnings per share for 2021, what is the appropriate number of shares for Sue touse in the denominator of the EPS fraction?
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On June 30, 2021, when ABC Co. stock was selling for $65 each, the equity accounts had the following balances: Common Stock ($50 par value, 50,000 issued) $2,500,000 Capital Contributed in Excess of Par Value—Common Stocks 600,000 Retained Earnings 4,200,000 How much will the Common Stock account balance be after declaring and distributing a 100% stock dividend? a. $5,000,000. b. $7,300,000. c. $2,500,000.
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