(1) Waterway Inc. has 5500 shares of 6%, $100 par value, cumulative preferred stock and 50200 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock?

(2) Swifty, Inc., has 10900 shares of 5%, $100 par value, noncumulative preferred stock and 109000 shares of $1 par value common stock outstanding at December 31, 2020. If the board of directors declares a $200500 dividend, the

(3)Coronado, Inc., has 11000 shares of 3%, $100 par value, noncumulative preferred stock and 88000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2019. The board of directors declares and pays a $119100 dividend in 2020. What is the amount of dividends received by the common stockholders in 2020?

(4) Bonita Corporation has3,000shares of9%, $110par value preferred stock outstanding at December 31, 2020. At December 31, 2020, the company declared a $145,000cash dividend.

Determine the dividend paid to preferred stockholders and common stockholders under each of the following scenarios.

1. The preferred stock is noncumulative, and the company has not missed any dividends in previous years.

The dividend paid to preferred stockholders$

The dividend paid to common stockholders$

2. The preferred stock is noncumulative, and the company did not pay a dividend in each of the two previous years.

The dividend paid to preferred stockholders$

The dividend paid to common stockholders$

3. The preferred stock is cumulative, and the company did not pay a dividend in each of the two previous years.

The dividend paid to preferred stockholders$

The dividend paid to common stockholders$

(5) Sandhill Corporation was organized on January 1, 2019. During its first year, the corporation issued2,050shares of $50par value preferred stock and107,000shares of $10par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,675; 2020, $13,500; and 2021, $28,000.

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is7% and noncumulative.

2019

2020

2021

Allocation to preferred stock$

$

$

Allocation to common stock$

$

$

SHOW LIST OF ACCOUNTS

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Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is8% and cumulative.

2019

2020

2021

Allocation to preferred stock$

$

$

Allocation to common stock$

$

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Journalize the declaration of the cash dividend at December 31, 2021, under part (b).(Credit account titles are automatically indented when 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.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31