Question
Marigold Corp. was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 125,000
Marigold Corp. was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 125,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,100; 2022, $12,700; and 2023, $29,400.
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. (Do not leave any answer field blank. Enter 0 for amounts.)
| 2021 | 2022 | 2023 | ||||
| Total dividend | $ | $ | $ | |||
| Allocation to preferred stock | ||||||
| Remainder to common stock | $ |
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative.
| 2021 | 2022 | 2023 | ||||
| Total dividend | $ | $ | $ | |||
| Allocation to preferred stock | ||||||
| Remainder to common stock | $ |
Journalize the declaration of the cash dividend at December 31, 2023, under part (b).
Account Titles and Explanation
Date Debit Credit
Dec. 31
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