Brief Exercise 14-02

M. Crane Corporation has 11,000 shares of 9%, $100 par value, cumulative preferred stock outstanding at December 31, 2020. No dividends were declared in 2018 or 2019. If M. Crane wants to pay $390,000 of dividends in 2020, what amount of dividends will common stockholders receive?

Amount of dividend

$

Brief Exercise 14-03

Concord Corporation has 43,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $19. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. 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. 1Dec. 31
Dec. 1Dec. 31

Brief Exercise 14-05

For the year ending December 31, 2020, Sheffield Inc. reports net income $153,000 and cash dividends $91,500. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2020, was $226,500.

Balance in retained earnings

$