prepared by Ann Parsons for inclususe Corporation Part A 19th ACC 1135 Tues HOMEWORK: Accounting for cash dividends Prepare journal entries to record the following transactions for Desmond Corporation: Apr 15 Declared a $48,000 cash dividend payable to common shareholders June 30 Paid the dividend declared on April 15. Dec 31 Closed the Cash Dividends account Dividend allocation between elasses of shareholders The equity section of the Holden Lid balance sheet includes 75.000 shares of $0.10 cumulative preferred shares that had been issued for $375,000 and 200,000 common shares issued for a total of 5720.000. Holden did not declare any dividends during the prior year and now declares and pays a $108,000 cash dividend 1. Determine the amount distributed to each class of shareholders. 56130 2. Repeat the calculations assuming the preferred shares were non-cumulative. Cash dividend On March 1, the board of directors declared a cash dividend of 50.75 per common share to shareholders of record on March 10, payable March 31. There were 125.000 shares issued and outstanding on March 1 and no additional shares had been issued during the month. Record the entries for March 1, 10, and 31. Allocating dividends between common and cumulative preferred shares The outstanding share capital of Yongshene Inc. includes 47,000 shares of 59.60 eumulative preferred and 82,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends Year Total Dividends Declared 2020 $ 480,000 2027 2022 2023 $1,008,000 $ 480,000 a) Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each class over the four years. Allocating dividends between comment and non-cumulative preferred shares b) Determine the total dividends paid in each year to each class of shareholders of under the assumption that the preferred shares are non-cumulative. Also determine the total dividends paid to each class over the four years