Homework 13 Equity Corona Inc has the following shares outstanding 5,000 shares $1 par value common stock 1,000 shares $10 par value 4% non-cumulative preferred stock. In their first year of operations, Corona declares a $100 dividend. How much of the dividend will be paid to Preferred? How much of the dividend will be paid to Common? How much, if any, dividend must Preferred be paid in future periods before common can receive a dividend? Homework 13 Equity Face Mask Inc. has the following shares authorized, issued and outstanding as of May 31 10,000 shares of $1 par value common stock 5,000 shares of $100 par value 6% cumulative Preferred Stock In the first year of operations, Face Mask Inc. does not declare a dividend. In the second year of operations, Face Mask Inc declares a $70,000 dividend How much of the year 2 dividend will be paid to Preferred? How much of the year 2 dividend will be paid to Common? Homework 13 Equity Face Mask Inc. has the following shares authorized, issued and outstanding as of May 31 10,000 shares of $1 par value common stock 5,000 shares of $100 par value 6% non-cumulative Preferred Stock In the first year of operations, Face Mask Inc. does not declare a dividend. In the second year of operations, Face Mask Inc declares a $70,000 dividend How much of the year 2 dividend will be paid to Preferred? How much of the year 2 dividend will be paid to Common? Homework 13 Equity Quarantine Inc. begins operations on June 1. On June 1, Quarantine issues 10,000 shares of $1 par value stock for $35,000 Prepare the journal entry to record the issuance of Common Stock. On June 1, Quarantine issues 1,000 shares of $50 par value 7% cumulative Preferred Stock for $60,000. Prepare the journal entry to record the issuance of Preferred Stock. On May 31 of the following year,Quarantine Inc. Reports Net Income of $100,000 and declares a dividend of $10,000. How much of the dividend will be paid to Preferred? How much of the dividend will be paid to Common? Prepare the journal entry as of the date of declaration Prepare the journal entry as of the date of record Perpare the journal entry as of the date of payment Prepare Quarantine's Statement of Shareholders' Equity as of May 31