K Western Communications has the following stockholders' equity on December 31, 2016: (Click on the icon to view the stockholders' equity) Requirements 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2016 and 2017 if total dividends are $10,440 in 2016 and $44,000 in 2017. Assume no changes in preferred stock and common stock in 2017. 2. Record the journal entries for 2016, assuming that Western Communications declared the dividend on December 1 for stockholders of record on December 10, Western Communications paid the dividend on December 20 Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2016 and 2017 if total dividends are $10,440 in 2016 and $44,000 in 2017. Assume no changes in preferred stock and common stock in 2017. (Assume all preferred dividends have been paid prior to 2016. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the "current year dividend" line and the paid out dividend on the "total dividend to preferred stockholders" line.) Western's 2016 dividend would be divided between preferred and common stockholders in this manner Total Dividend-2016 10440 Dividend to preferred stockholders: 1 Dividend in arrears Current year dividend 0 11440 Tanzanil Data table Stockholders' Equity d to co tock in Paid-In Capital: ember Preferred Stock-7%, $ 8 Par Value; 150,000 shares authorized, 24,000 shares issued and outstanding $ 192,000 Common Stock $4 Par Value; 575,000 shares authorized, 320,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity 1,280,000 160,000 1,632,000 ed stoc 210,000 $ 1,842,000 ckholde mmon year p Print Done