The following elements of stockholders’ equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2023:

Sneed paid no preferred dividends in 2023.

Requirements
1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $185,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024.
2. Record the journal entries for 2024 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sneed paid the dividends on July 31.

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Stockholders' Equity Paid-In Capital: Preferred Stock-4%, $2 Par Value; 80,000 shares authorized, 55,000 shares issued and outstanding Common Stock-$0.10 Par Value; 8,750,000 shares authorized, 8,000,000 shares issued and outstanding $ 110,000 800,000