Question
1. Dividends Per Share Oceanic Company has 20,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares of $10 par common stock. The
1.
Dividends Per Share
Oceanic Company has 20,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares of $10 par common stock. The following amounts were distributed as dividends:
Year 1 | $45,000 |
Year 2 | 12,000 |
Year 3 | 90,000 |
Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'.
Year 1 | Year 2 | Year 3 | |
Preferred stock (Dividends per share) | $ | $ | $ |
Common stock (Dividends per share) | $ | $ | $ |
2.
Entries for Issuing Stock
On January 22, Muir Corporation issued for cash 15,000 shares of no-par common stock at $25. On February 14, Muir issued at par 5,000 shares of 6%, $75 par preferred stock for cash. On August 30, Muir Corporation issued for cash 12,000 shares of preferred 6% stock, $75 par at $84.
Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 22 | |||
Feb. 14 | |||
Aug. 30 | |||
3. Entries for Issuing Par Stock
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 120,000 shares of $4 par common stock at $7, and on November 19, it issued for cash 20,000 shares of $10 par preferred stock at $34.
a. Journalize the entries for October 31 and November 19.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Oct. 31 | |||
Nov. 19 | |||
b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? $
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