Sheridan, Inc. has

$500,000,$0.80

, no par value preferred shares ( 50,000 shares) and

$1,000,000

of no par value common sharesOn September 15, 2023, the Board of Directors of Wildhorse Company declared a

$1.00

per share cash dividend, payable on October\ 31 to shareholders of record as of October 1. On the date of declaration, Wildhorse Company had 209,000 common shares issued, of\ which 22,000 were held in Treasury. On October 15, 2023, the company issued an additional 63,000 common shares for

$6.00

each.\ Prepare all the required journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are\ automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and\ enter 0 for the amounts. Record journal entries in the order presented in the problem.)\ Date\ Account Titles and Explanation\ Debit\ Credit\ outstanding ( 80,000 shares). No dividends were paid or declared during 2021 and 2022 . The company wants to distribute

$524,000

in\ dividends on December 31, 2023.\ (a)\ Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred\ shares are non-cumulative and non-participating.\ eTextbook and Media

On September 15, 2023, the Board of Directors of Wildhorse Company declared a $1.00 per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Wildhorse Company had 209,000 common shares issued, of which 22,000 were held in Treasury. On October 15, 2023, the company issued an additional 63,000 common shares for $6.00 each. Prepare all the required journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)