Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders...

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Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2024 and 2025 if total dividends are $20,760 in 2024 and $50,000 in 2025. Assume no changes in preferred stock and common stock in 2025. (Assume all preferred dividends have been paid prior to 2024. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the "current year dividend" line and the paid out dividend on the "total dividend to preferred stockholders" line.) New England's 2024 dividend would be divided between preferred and common stockholders in this manner: Total Dividend2024 Dividend to preferred stockholders: Dividend in arrears 26400 Data table Current year dividend Total dividend to preferred stockholders Dividend to common stockholders 0 0 New England's 2025 dividend would be divided between preferred and common stockholders in this manner: Total Dividend-2025 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Requirement 2. Record the journal entries for 2024, assuming that New England Communications declared the dividend credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" Stockholders' Equity Paid-In Capital: Preferred Stock-9%, $11 Par Value; 150,000 shares authorized, 24,000 shares issued and outstanding Common Stock-$4 Par Value; 575,000 shares authorized, 290,000 shares issued and outstanding $ 264,000 1,160,000 290,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Print Done 1,714,000 210,000 1,924,000 dividend on December 20. (Record debits first, then Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2024 and 2025 if total dividends are $20,760 in 2024 and $50,000 in 2025. Assume no changes in preferred stock and common stock in 2025. (Assume all preferred dividends have been paid prior to 2024. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the "current year dividend" line and the paid out dividend on the "total dividend to preferred stockholders" line.) New England's 2024 dividend would be divided between preferred and common stockholders in this manner: Total Dividend2024 Dividend to preferred stockholders: Dividend in arrears 26400 Data table Current year dividend Total dividend to preferred stockholders Dividend to common stockholders 0 0 New England's 2025 dividend would be divided between preferred and common stockholders in this manner: Total Dividend-2025 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Requirement 2. Record the journal entries for 2024, assuming that New England Communications declared the dividend credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" Stockholders' Equity Paid-In Capital: Preferred Stock-9%, $11 Par Value; 150,000 shares authorized, 24,000 shares issued and outstanding Common Stock-$4 Par Value; 575,000 shares authorized, 290,000 shares issued and outstanding $ 264,000 1,160,000 290,000 Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Print Done 1,714,000 210,000 1,924,000 dividend on December 20. (Record debits first, then

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Requirement 1 Dividend Calculations 2024 Dividend Distribution Dividend in arrears 0 all preferred d... View the full answer