Splish Brothers Ridge Corporation was organized on January 1, 2018. During its first year, the corporation issued 45,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2018 $8.900 2019 $30.500 2020 $67,500 Your answer has been saved. See score details after the due date. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. 2018 2019 2020 Preferred 13500 13500 13500 Common 0 17000 54000 Total 13500 30500 67500
Splish Brothers Ridge Corporation was organized on January 1, 2018. During its first year, the corporation issued 45,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2018 $8.900 2019 $30.500 2020 $67,500 Your answer has been saved. See score details after the due date. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. 2018 2019 2020 Preferred 13500 13500 13500 Common 0 17000 54000 Total 13500 30500 67500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Splish Brothers Ridge Corporation was organized on January 1, 2018. During its first year, the corporation issued 45,000 shares of $5
par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following
cash dividends:
2018
$8,900
EE
2019
$30,500
2020
$67,500
Your answer has been saved. See score details after the due date.
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative.
2018
2019
2020
Preferred
13500
13500
13500
Common
0
17000
54000
Total
13500
30500
67500
Transcribed Image Text:Journalize the declaration of the cash dividend at December 31, 2020 using the assumption of part (b). (Credit account titles are
automatically indented when 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. List all debit entries before credit entries)
Account Titles and Explanation
Debit
Credit
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