New England Communications has the following stockholders' equity on December 31, 2024: (Click on the icon to view the stockholders' equity) Read the requirements. Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2024 and 2025 if total dividends are $17,480 in 2024 and $52,000 in 2025. Assume no changes in preferred stock and common stock 2025. (Assume all preferred dividends have been paid prior to 2024. 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.) New England's 2024 dividend would be divided between preferred and common stockholders in this manner: Total Dividend2024 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders New England's 2025 dividend would be divided between preferred and common stockholders in this manner: Total Dividend2025 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Stockholders' Equity Paid-In Capital: Preferred Stock7%, $12 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding Common Stock-$3 Par Value; 575,000 shares authorized, 290,000 shares issued and outstanding $ 264,000 870,000 Paid-In Capital in Excess of ParCommon 435,000 Total Paid-In Capital 1,569,000 220,000 Retained Earnings $ 1,789,000 Total Stockholders' Equity X Requirements 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2024 and 2025 if total dividends are $17,480 in 2024 and $52,000 in 2025. Assume no changes in preferred stock and common stock in 2025. 2. Record the journal entries for 2024, assuming that New England Communications declared the dividend on December 1 for stockholders of record on December 10. New England Communications paid the dividend on December 20. Requirement 2. Record the journal entries for 2024, assuming that New England Communications declared the dividend on December 1 for stockholders of record on December 10. New England Communications paid the dividend on December 20. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Dec. 1, 2024: Declared dividend. Date Accounts and Explanation Debit Credit Dec. 1 Dec. 10, 2024: Date of record. Date Accounts and Explanation Debit Credit Dec. 10 Dec. 20, 2024: Paid dividend. Date Accounts and Explanation Debit Credit Dec. 20 Dec. 1, 2024: Declared dividend. Date Accounts and Explanation Del Dec. 1 No entry required Cash Dec. 10, 2024: D Cash Dividends Date Det Common Stock-$3 Par Value Dec. 10 Dividends PayablePreferred Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of ParPreferred Dec. 20, 2024: P Preferred Stock$12 Par Value Date Det Retained Earnings Dec. 20
