Radisson Inc. included the following stockholders equity on its year-end balance sheet at December 31, 2010, with all dollar amounts, except par value per share, adapted and in millions

Paid-in Capital:

Preferred stock, 6% cumulative $65

Common stock, par value $1 per share; 650,000,000 shares authorized, 236,000,000 shares issued and outstanding 236

Paid-in Capital in Excess of Par 70

Total paid-in capital $371

Retained earnings 247

Total Stockholders equity $618

QUESTIONS:

Identify the different issues of stock Radisson Inc has outstanding

Give the two entries to record issuance of the Radisson Inc stock. Assume that all the stock was issued for cash.

Assume that preferred dividends are in arrears for 2009 and 2010. Record the declaration of a $50 million cash dividend on December 30, 2011. Use separate dividends payable accounts for preferred and common stock. Round to the nearest $1 million.