E11-13 (Algo) Accounting for Dividends [LO 11-3) Tools-R-Us Acme is a leading global manufacturer and marketer of power tools, hardware, and home Improvement products. A press release contained the following announcement: NEW BRITAIN, Connecticut-(BUSINESS WIRE)-October 15, 2019-Tools-R-Us Acme (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $069 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among Industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, December 17, 2019, to shareholders of record as of the close of business on Friday, November 29, 2019 At the time of the press release, the company had 320 million shares authorized and 168.0 million outstanding. The par value for the company's stock is $2.50 per share Required: 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. Assuming no other dividends were declared during the year, prepare the closing entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.) View transaction llot View Journal antry worksheet General Journal October 15 Dividends Dividende Payable No Date Credit 1 Debit 115,920,000 115,920,000 2 November 20 No Transaction Recorded 3 December 17 Dividends Payable Cash 115,920,000 115,920,000 4 December 31 Retained Earnings Dividends 115,920,000 115,920,000 CP11-4 (Algo) Calculating Common and Preferred Cash Dividends (LO 11-2, LO 11-3, LO 11-4) Tower Corporation had the following stock outstanding and Retained Earnings at December 31, 2021: Common Stock (par $8: touued and outstanding, 36,000 shares) $ 280,000 Preferred Stock, 8t (par $107 besued and outstanding, 6,600 shares) 66,000 Retained Earnings 286,000 On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020, and none have been declared yet in 2021. Three independent cases are assumed: Cone at the preferred stock in noncumulative; the total anount of 2021 dividends would be $13,200. Case : The preferred stock is cumulative; the total amount of 2021 dividends would be $15,840. Dividends were not in arrears prior to 2019. Caue Ct Same - Case, except the total dividends are $72,000. Required: 1-a. Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years in arrears) and for the current year before common stockholders are paid 1-b. Compute per case, the 2021 dividends per share payable to each class of stockholders, Complete this question by entering your answers in the tabs below. Rea 1 Req 18 Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years (in arrears) and for the current year before common stockholders are pald. Case A Casa B Case C Preferred Common Total $ 0$ 0 0 $ 1 Req18 > CP11-4 (Algo) Calculating Common and Preferred Cash Dividends [LO 11-2, LO 11-3, LO 11-4) shares) Tower Corporation had the following stock outstanding and Retained Earnings at December 31, 2021 Common Stock (par $8; issued and outstanding, 36,000 shares) $ 280,000 Preferred stock, 31 (par $20) ined and outatanding, 6,600 66,000 Retained Earnings 286,000 On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020, and none have been declared yet in 2021. Three independent cases are assumed: Care At The preferred atook in noncumulative; the total amount of 2021 dividende vould be $13,200. CASO DE The preferred stock is cumulative; the total amount of 2021 dividends would be $15,840. Dividends were not in arrears prior to 2019. Care Ct Same as case, except the total dividends are $72,000. Required: 1-a. Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years in arrears) and for the current year before common stockholders are paid. 1-b. Compute per case, the 2021 dividends per share, payable to each class of stockholders. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Compute per case, the 2021 dividends per share, payable to each class of stockholders. (Round your answers to 2 decimal places.) Case A Gase B Case C Preferred (per share) Common (per share) Reg 1A Red 10 E11-13 (Algo) Accounting for Dividends [LO 11-3) Tools-R-Us Acme is a leading global manufacturer and marketer of power tools, hardware, and home Improvement products. A press release contained the following announcement: NEW BRITAIN, Connecticut-(BUSINESS WIRE)-October 15, 2019-Tools-R-Us Acme (NYSE: SWK) announced today that its Board of Directors approved a regular fourth-quarter cash dividend of $069 per common share. This extends the company's record for the longest consecutive annual and quarterly dividend payments among Industrial companies listed on the New York Stock Exchange. The dividend is payable on Tuesday, December 17, 2019, to shareholders of record as of the close of business on Friday, November 29, 2019 At the time of the press release, the company had 320 million shares authorized and 168.0 million outstanding. The par value for the company's stock is $2.50 per share Required: 1. & 2. Prepare journal entries as appropriate for each of the three dates mentioned above and to close the dividends account. Assuming no other dividends were declared during the year, prepare the closing entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars not in millions.) View transaction llot View Journal antry worksheet General Journal October 15 Dividends Dividende Payable No Date Credit 1 Debit 115,920,000 115,920,000 2 November 20 No Transaction Recorded 3 December 17 Dividends Payable Cash 115,920,000 115,920,000 4 December 31 Retained Earnings Dividends 115,920,000 115,920,000 CP11-4 (Algo) Calculating Common and Preferred Cash Dividends (LO 11-2, LO 11-3, LO 11-4) Tower Corporation had the following stock outstanding and Retained Earnings at December 31, 2021: Common Stock (par $8: touued and outstanding, 36,000 shares) $ 280,000 Preferred Stock, 8t (par $107 besued and outstanding, 6,600 shares) 66,000 Retained Earnings 286,000 On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020, and none have been declared yet in 2021. Three independent cases are assumed: Cone at the preferred stock in noncumulative; the total anount of 2021 dividends would be $13,200. Case : The preferred stock is cumulative; the total amount of 2021 dividends would be $15,840. Dividends were not in arrears prior to 2019. Caue Ct Same - Case, except the total dividends are $72,000. Required: 1-a. Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years in arrears) and for the current year before common stockholders are paid 1-b. Compute per case, the 2021 dividends per share payable to each class of stockholders, Complete this question by entering your answers in the tabs below. Rea 1 Req 18 Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years (in arrears) and for the current year before common stockholders are pald. Case A Casa B Case C Preferred Common Total $ 0$ 0 0 $ 1 Req18 > CP11-4 (Algo) Calculating Common and Preferred Cash Dividends [LO 11-2, LO 11-3, LO 11-4) shares) Tower Corporation had the following stock outstanding and Retained Earnings at December 31, 2021 Common Stock (par $8; issued and outstanding, 36,000 shares) $ 280,000 Preferred stock, 31 (par $20) ined and outatanding, 6,600 66,000 Retained Earnings 286,000 On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020, and none have been declared yet in 2021. Three independent cases are assumed: Care At The preferred atook in noncumulative; the total amount of 2021 dividende vould be $13,200. CASO DE The preferred stock is cumulative; the total amount of 2021 dividends would be $15,840. Dividends were not in arrears prior to 2019. Care Ct Same as case, except the total dividends are $72,000. Required: 1-a. Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years in arrears) and for the current year before common stockholders are paid. 1-b. Compute per case, the 2021 dividends per share, payable to each class of stockholders. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Compute per case, the 2021 dividends per share, payable to each class of stockholders. (Round your answers to 2 decimal places.) Case A Gase B Case C Preferred (per share) Common (per share) Reg 1A Red 10