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The shareholders’ equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows:



2020
2019
Share capital, preferred shares, $2 cumulative, 2,000,000 shares
   authorized, 25,900 shares issued

$181,300
$181,300
Share capital, 5,000,000 common shares authorized, 1,260,000
   common shares issued (2019—1,070,000 shares)

5,230,000
4,280,000
Retained earnings
4,202,000
3,404,000
Total shareholders’ equity
$9,613,300
$7,865,300


During 2020, Deer paid a total of $137,200 in cash dividends.

Assume the preferred shares were not in arrears at December 31, 2019. How was the $137,200 in cash dividends distributed between the two types of shares in 2020?



Preferred
Common 
Total
2020
$ 
$ 
$ 

 

  

Assume the preferred share dividends were in arrears for one year; that is, the dividends were not paid in 2019. How was the $137,200 in cash dividends distributed between the two classes of shares?



Preferred
Common 
Total
2019 arrears
$ 
$ 
$ 
2020




$ 
$ 
$ 

  

  

Both common shares and retained earnings changed during the year. Provide journal entries that would account for the changes. (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 0 for the amounts.)

No.

Account and explanation

Debit

Credit

1.



(common shares issued during year)



2.



(Dividends declared during year)



3.



(Dividends paid during year)



4.



(Net income for the year closed to 
retained earnings)



5.



(Dividends Declared for the year 
closed to retained earnings)




0 0
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ReportAnswer #1

preferred stock dividends = 25,900 shares * $2 = $51,800


PreferredCommonTotal
2020$51,800$85,400 ($137,200-$51,800)$137,200


answered by: wowo
ReportAnswer #2

Dividend distribution


PreferredCommonTotal
2019 arrears51800
51800
2020518003360085400
Total10360033600137200


answered by: wowo
ReportAnswer #3

Answer c.

No.Account and explanationDebitCredit
1Cash ($5,230,000 - $4,280,000)950000

Common Shares
950000

(Common shares issued during the year)

2Dividends Declared137200

Dividends Payable
137200

(Dividends declared during the year)

3Dividends Payable137200

Cash
137200

(Dividends paid during the year)

4Income Summary [ $4,202,000 - ($3,404,000 - $137200)]935200

Retained Earnings
935200

(Net income for the year close to retained earnings)

5Retained Earnings137200

Dividends Declared
137200

(Dividends declared for the year close to retained earnings)


answered by: wowo
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