P10-74A (similar to) Teak Outdoor Furniture Company included the following stockholders' equity on its year-end balance sheet at February 28, 2017 (Click the icon to view the partial balance sheet ) Read the requirements Requirement 1. Identify the different issues of stock that Teak Outdoor Furniture Company has outstanding. (If a box is not used in the table, leave the box empty; do not make a selection.) Data Table Stockholders' Equity Preferred stock, 5% cumulative-par value $40 per share Requirements authorized 190,000 shares in each class $ 3,160,000 3,520,000 Class A-issued 79,000 shares Class B-issued 88,000 shares 1 Identify the different issues of stock that Teak Outdoor Furniture Company has outstanding 2. Give the summary entries to record issuance of all the Teak stock. Assume that all the stock Common stock $3 par value was issued for cash. Explanations are not required. Suppose Teak passed its preferred dividends for three years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason authorized 2,500,000 shares, 3. 810,000 5,550,000 8,310,000 S 21,350,000 issued 270,000 shares Additional paid-in capital- common 4. What amount of preferred dividends must Teak declare and pay each year to avoid having preferred dividends in arrears? Retained eamings 5. Assume that preferred dividends are in arrears for 2016. Journalize the declaration of an 5840,000 dividend on February 28, 2017. An explanation is not required. Print Done Print Done Choose from any drop-down list and then click Check Answer parts remaining Clear All P10-74A (similar to) Teak Outdoor Furniture Company included the following stockholders' equity on its year-end balance sheet at February 28, 2017 (Click the icon to view the partial balance sheet ) Read the requirements Requirement 1. Identify the different issues of stock that Teak Outdoor Furniture Company has outstanding. (If a box is not used in the table, leave the box empty; do not make a selection.) Data Table Stockholders' Equity Preferred stock, 5% cumulative-par value $40 per share Requirements authorized 190,000 shares in each class $ 3,160,000 3,520,000 Class A-issued 79,000 shares Class B-issued 88,000 shares 1 Identify the different issues of stock that Teak Outdoor Furniture Company has outstanding 2. Give the summary entries to record issuance of all the Teak stock. Assume that all the stock Common stock $3 par value was issued for cash. Explanations are not required. Suppose Teak passed its preferred dividends for three years. Would the company have to pay those dividends in arrears before paying dividends to the common stockholders? Give your reason authorized 2,500,000 shares, 3. 810,000 5,550,000 8,310,000 S 21,350,000 issued 270,000 shares Additional paid-in capital- common 4. What amount of preferred dividends must Teak declare and pay each year to avoid having preferred dividends in arrears? Retained eamings 5. Assume that preferred dividends are in arrears for 2016. Journalize the declaration of an 5840,000 dividend on February 28, 2017. An explanation is not required. Print Done Print Done Choose from any drop-down list and then click Check Answer parts remaining Clear All