Southern Communications has the following stockholders' equity on December 31, 2018 (Click on the icon to view the stockholders' equity) Read the requirements Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $16,200 in 2018 and $55,000 in 2019. Assume no changes in preferred stock and common stock in 2019. (Assume all preferred dividends have been paid prior to 2018. Complete all input boxes. Enter a "0" for zero amounts. For the current year preferred dividend, be sure to enter the calculated dividend on the current year dividend line and the paid out dividend on the total dividend to preferred stockholders' line) Southern's 2018 dividend would be divided between proferred and common stockholders in this manner Total Dividend-2018 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Southern's 2010 dividend would be divided between preferred and common stockholders in this manner Total Dividend-2019 Dividend to preferred stockholders: Dividend in arrears Choose from any list or enter any number in the input fields and then continue to the next question Southern Communications has the following stockholders' equity on December 31, 2018: (Click on the icon to view the stockholders' equity) Read the requirements Total Dividend-2019 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Requirement 2. Record the journal entries for 2018, assuming that Southern Communications declared the dividend on December 1 for stockholders of record on December 10. Southern Communications paid the dividend on December 20. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Dec. 1. 2018: Declared dividend. Date Accounts and Explanation Debit Credit Dec. 1 Choose from any list or enter any number in the input fields and then continue to the next question Southern Communications has the following stockholders' equity on December 31, 2018: (Click on the icon to view the stockholders' equity) Read the requirements. Dec. 10, 2018: Date of record. Date Accounts and Explanation Debit Credit Dec. 10 Dec. 20, 2018: Paid dividend. Date Accounts and Explanation Debit Credit Dec. 20 following stockholders' equity on December 31, 2018: ockholders' equity) 0 Data Table Aco $ 240,000 Stockholders' Equity Paid-In Capital: Preferred Stock-8%, $ 8 Par Value; 150,000 shares authorized, 30,000 shares issued and outstanding Common Stock-$2 Par Value; 575,000 shares authorized, 300,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity 600,000 150,000 990,000 160,000 $ 1,150,000 Print Done er any number in the input fields and then continue to the next question. following stockholders' equity on December 31, 2018: tockholders' equity) i Requirements 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $16,200 in 2018 and $55,000 in 2019. Assume no changes in preferred stock and common stock in 2019. Record the journal entries for 2018, assuming that Southern Communications declared the dividend on December 1 for stockholders of record on December 10. Southern Communications paid the dividend on December 20. Print Done ad the requirements. Total dividend to preferred stockholders lividend to common stockholders Lequirement 2. Record the journal entries for 2018, assuming that Southern Communications December 10. Southern Communications paid the dividend on December 20. (Record debits fir entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Dec. 1, 2018: Declared dividend. Date Accounts and Explanation Debit Dec. 1 No entry required Cash Cash Dividends Common Stock-$2 Par Value Dec. 10, 2018: Dividends PayablePreferred Date Paid-In Capital in Excess of Par-Common Paid-In Capital in Excess of Par-Preferred Dec. 10 Preferred Stock-$ 8 Par Value Retained Earnings Choose from an, Debit ...ue to the next qu Save for Later J CULTTUI JUURIDIUUIU ent 2. Record the journal entries for 2018, assuming that Southern Com 10. Southern Communications paid the dividend on December 20. (Rec e. If no entry is required, select "No entry required" on the first line of the A 2018: Declared dividend. te Accounts and Explanation 10, 2018: D Declared a cash dividend. Date Issued common stock for cash. Issued preferred stock for cash. Payment of cash dividend. ose from an Record date of record. . 10 ue to th Save for Later