cash dividend 554,000 
Fantasyline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Fantasyline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet 6. Paid the cash dividends. (Prepare a compound entry to record payment of the preferred and common stock dividendo.) Account Current Year 7. Reported net income of $3,226,400 for the current year Account Current Year Fantasyline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Fantasyline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet 8. Declared a $554,000 cash dividend for the second half of the year. (The declarations should be recorded separately for the common and the preferred shares) 8a. Begin by preparing the entry to record the declaration of the dividend on preferred shares Account Current Year 8b. Next prepare the entry to record the declaration of the dividend on common shares Account Current Year Stockholders' Equity Contributed Capital: Common Stock, $1 par value, 41,200,000 authorized and 890,000 shares issued, and 821,500 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock (89,000 common shares at cost) 890,000 22,400,000 $ 23,290,000 $ 9,663,350 1,062,700 (1,602,000) $ 32,414,050 Total Stockholders' Equity Fantasyline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Fantasyline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet 6. Paid the cash dividends. (Prepare a compound entry to record payment of the preferred and common stock dividendo.) Account Current Year 7. Reported net income of $3,226,400 for the current year Account Current Year Fantasyline, Inc. reported the following shareholders' equity section as of the beginning of the current year (Click the icon to view the data.) During the current year, Fantasyline engaged in the following transactions affecting the stockholders' equity section of its current balance sheet 8. Declared a $554,000 cash dividend for the second half of the year. (The declarations should be recorded separately for the common and the preferred shares) 8a. Begin by preparing the entry to record the declaration of the dividend on preferred shares Account Current Year 8b. Next prepare the entry to record the declaration of the dividend on common shares Account Current Year Stockholders' Equity Contributed Capital: Common Stock, $1 par value, 41,200,000 authorized and 890,000 shares issued, and 821,500 shares outstanding Additional Paid-in Capital in Excess of Par - Common Total Contributed Capital Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock (89,000 common shares at cost) 890,000 22,400,000 $ 23,290,000 $ 9,663,350 1,062,700 (1,602,000) $ 32,414,050 Total Stockholders' Equity
