Marin Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance:

Sweet Acacia Limited has the following information available regarding its share capital at December 31, 2020:

Preferred shares, $3.50 cumulative, 19,200 shares issued		$960,000
Preferred shares, $4.50 noncumulative, 12,800 shares issued		640,000
Common shares, 290,000 shares issued		1,450,000

The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2021, to the shareholders of record on November 16, 2021.

How much will be paid to each class of shares?

Cumulative preferred shares		$enter a dollar amount
Noncumulative preferred shares		$enter a dollar amount
Common shares		$enter a dollar amount

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List of Accounts

Question Part Score

--/14

Prepare journal entries on the appropriate dates for the 2021 dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Oct. 30	enter an account title to record declaration of dividend on October 30	enter a debit amount	enter a credit amount
	enter an account title to record declaration of dividend on October 30	enter a debit amount	enter a credit amount
	enter an account title to record declaration of dividend on October 30	enter a debit amount	enter a credit amount
	(To record declaration of dividend.)
choose a transaction date Oct. 30Nov. 16Dec. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Oct. 30Nov. 16Dec. 1	enter an account title to record payment of dividend	enter a debit amount	enter a credit amount
	enter an account title to record payment of dividend	enter a debit amount	enter a credit amount
	(To record payment of dividend.)

eTextbook and Media

List of Accounts

Question Part Score

--/8

Assume instead that the maximum cash dividend the company can pay in 2021 is $188,100. Determine how much will be paid to the preferred shareholders and to the common shareholders.

Dividends paid to the preferred shareholders		$enter a dollar amount
Dividends paid to the common shareholders		$enter a dollar amount

eTextbook and Media

List of Accounts

All accounts have normal balances and total assets equal $805,000. Marin has a 20% income tax rate.