please help practice exam
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.) York's outstanding stock consists of 90,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 270,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends. Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends $ 23,000 31,700 235,000 385,000 Exercise 11-10 Dividends on common and noncumulative preferred stock LO C2 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your "Dividend per Preferred Share" answer to 3 decimal places.) Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: Pald to Total Cash Dividend Paid Paid to Preferred Dividends in Arrears at year-end Common Year 1 $ Year 23,000 31,700 235,000 385.000 674.700 Total: Required information Use the following Information for the Exercises below. The following information applies to the questions displayed below.) York's outstanding stock consists of 90,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 270,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends. Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends $23,000 31,700 235,000 385,000 Exercise 11-11 Dividends on common and cumulative preferred stock LO C2 Use the data in Exercise 11-10 to determine the amount of dividends paid each year to each of the two classes of stock assuming that the preferred stock is cumulative. (Round your "Dividend per Preferred Share" answer to 3 decimal places. Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: Total Cash Dividend Pald Paid to Preferred Paid to Common Dividends in Arrears at year-end Year 1 $ Year 2 Year 3 23,000 31,700 235.000 385.000 Year 4 Totals On October 10, the stockholders' equity of Sherman Systems appears as follows. Coron stock-010 PRE value, 75,000 shares authorized, issued, and outstanding Pad-in capital in excess of par value, common stock Retained anings Total stockholders' equity $ 750,000 231,000 308,000 $1,869,000 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 5,300 shares of its own common stock at $28 per share on October 11. b. Sold 1,075 treasury shares on November 1 for $34 cash per share. c. Sold all remaining treasury shares on November 25 for $23 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,300 shares of its own common stock at $28 per share on October 11. b. Sold 1,075 treasury shares on November 1 for $34 cash per share. C. Sold all remaining treasury shares on November 25 for $23 cash per share. View transaction list Journal entry worksheet Record the purchase of 5,300 shares of its own common stock for $28 cash per share. View transaction list Journal entry worksheet
