Question

11:50 AM Wed Jan 22 15% C14 #1 Weygandt, Accounting Principles, 13e Hele I System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 14-02 a-c Ivanhoe Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,100 shares of $50 par value preferred stock and 109,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $4,800; 2020, $13,700; and 2021, $28,500. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. 2019 2020 2021 Allocation to preferred stock %24 2800 4800 Allocation to common stock %24 10900 Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. 2021 2019 2020 Allocation to preferred stock %24 Allocation to common stock Journalize the declaration of the cash dividend at December 31, 2021, under 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.) Debit Credit Date Account Titles and Explanation 28500 Dec. 31 Cash Dividends 28500 Dividends Payable Open Show Work Click if you would like to Show Work for this question: SUBMIT ANSWER SAVE FOR LATER Question Attempts: 0 of 3 used
can you work it out for me also

Answer 1

Answer to Part 1. If Preferred Stocks are Non-Cumulative: Par Value Dividend per Preferred Rate Share Dividend per Number of Preferred Preferred Share Shares Preferred Dividend Annual Preferred Dividend: 50 6.00% 3 2,100 6,300 Total Cash Dividend Paid 4,800 13,700 28,500 47,000 2019 2020 2021 Total Paid to | Paid to Dividends in Preferred Common Arrears at Stockholder Stockholder year-end 4,800 6,300 7,400 6,300 22,2000 17,400 29,600 0 2019 2020 2021 4,800 6,300 6,300 Allocation to Preferred Stock Allocation to Common Stock 7,400 22,200

Answer to Part 2. If Preferred Stocks are Cumulative: Par Value Dividend per Preferred Rate Share Dividend per Number of Preferred Preferred Share Shares Preferred Dividend Annual Preferred Dividend: 50 8.00% 2,100 8,400 Total Cash Dividend Paid 4,800 13,700 28,500 47,000 2019 2020 2021 Total Paid to Paid to Preferred Common Stockholder Stockholder 4,800 12,000 1,700 8,400 20,100 25,200 21,800 Dividends in Arrears at year-end 3,600 2019 2020 2021 4,800 12,000 8,400 Allocation to Preferred Stock Allocation to Common Stock 1,700 20,100

Answer to Part 3. Credit Date Dec 31, Account Titles and Explanation Cash Dividends Dividends Payable Debit 28,500 201 28,500