=+PR 13-1A Dividends on preferred and common stock obj. 3

✔ 1. Common dividends in 2007:

$8,000 Sheldon Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Sheldon Optics on October 31 of the current year as follows:

Preferred 2% Stock, $80 par (50,000 shares authorized, 25,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000 Paid-In Capital in Excess of Par—Preferred Stock . . . . . . . . . . . . 75,000 Common Stock, $100 par (500,000 shares authorized, 50,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 Paid-In Capital in Excess of Par—Common Stock . . . . . . . . . . . . 600,000 Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,750,000