Seperate Question 2: General Journal

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Oividends on Preferred and Common Stock Pecan Theatre Inc owns and operates movie theaters throughout florida and Georgia. Pecon Thentre has declared the following annutt eividsnds over a sryear period: outstanding stock of the company was composed of 20,000 shares of cumulative, preferred 3% stock, $100 pae, and 100,000 shares of common stock, $20 par. Required: 1. Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears at the beginning of 20Y1. Summarize the data in tabular form. If required, round your per share answers to two decimal places. If the amount is zero, please enter "O". 2. Deternine the overage annual dividend per share for each clats of stock for the socyeaf period. If required, round your aniwern fo two decimal places. Average mnual dividend for preferred pershare. 2. Determine the average annual dividend per share for each class of stock for the sox-year period. If required, round your answers to two decimal ploces. Average annual dividend for preferred per share Average annual dividend for common 3. Assuming a market price per share of $231 for the preferred stock and $24 for the common stock, determine the average aninual percentage retuin on initial shareholders' investment, based on the average annual dividend per share (o) for preferred stock and (b) for common stock. Round your answers to two decimal places. Preferred stock Common stock Selected transactions completed by Primo Discount Corporation during the current fiscal year are as follows: Jan. 9. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share. After the split, there were 1,200,000 common shares outstanding Feb. 28 Purchased 40,000 shares of the corporation's own common stock at $28, recording the stock at cost. May 1 Declared semiannual dividends of $0.80 per share on 75,000 shares of preferred stock and $0.12 per share on the common stock to stockholders of record on June 1, payable on July 10. Jul. 10 Paid the cash dividends. Sep. 7 Sold 30,000 shares of treasury stock at $34, receiving cash. Oct. 1 Declared semiannual dividends of $0.80 per share on the preferred stock and $0.12 per share on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36. Dec. 1 Paid the cash dividends and issued the certificates for the common stock dividend Required: foumalize the transactions. ASSETS REVENUE 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Recelvable 141 Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 410 Sales 610 Interest Revenua EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends