CALCULATOR PRINTER VERSION HACK NEET Problem 15-07 The books of Waterway Corporation carried the following account balances as of December 31, 2020. Cash $ 179,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 326,000 Common Stock (no-par value, 309,000 shares issued) 1,545,000 Paid-in Capital in Excess of Par-Preferred Stock 156,000 Treasury Stock (common 2,600 shares at cost) 36,000 Retained Earnings 102,600 dy The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following: "The current year dividends shall be on the preferred and 0.30 share on the common. The dividends in arrears shall be paid by issuing 1,630 shares of treasury stock." At the date of declaration, the preferred in a 80 per and the common at $12 per share. Net Income for 2021 is estimated at $72.900. (a) Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (Credit accountries are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account title and enter for the amount Round answers to o decimal places, e.g. 3,487.) Account Titles and Explanation Debit Credit For preferred dividends in arrearsi For preferred current year dividendi For common share dividendi CALCULATOR PRINTER VERSION EN CUI V. Luwu wywaru WR w pew and the common at $12 per share. Net income for 2021 is estimated at $72,900. 4 (a) Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (Credit account titles are auto indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the ar Round answers to o decimal places, e.g. 3,487.) Account Titles and Explanation Debit Credit For preferred dividends in arrears: For preferred current year dividend: For common share dividend: (b) Could Waterway Corporation give the preferred stockholders I years' dividends and common stockholders a 30 cents per share dividend, at in cash? SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 5 used