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BTL Incorporated had common shares and 75,000, $3.10 preferred shares issued. BTL did not pay a dividend to the preferred shareholders in 2020 and 2021.

BTL Incorporated had common shares and 75,000, $3.10 preferred shares issued. BTL did not pay a dividend to the preferred shareholders in 2020 and 2021.

Determine the dividends in arrears, if any, at December 31, 2021 if
a) The preferred shares were noncumulative, and $

b) The preferred shares were cumulative. $

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Assuming the preferred shares were cumulative and BTL declared payment of all dividends in arrears on December 31, 2021, prepare the necessary journal entry. (Credit account titles are automatically indented when the 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, 2021

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Assuming the preferred shares were cumulative and BTL declared payment of $365,000 on December 31, 2021, how much of the dividends in arrears would be paid and what is still in arrears?
Dividends paid $

Dividends in arrears $

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