The books of Skysong Corporation carried the following account balances as of December 31, 2025. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 283,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings Account Titles and Explanation For preferred dividends in arrears: For preferred current year dividend: For common share dividend: $177,000 304,000 The company decided not to pay any dividends in 2025. The board of directors, at their annual meeting on December 21, 2026, declared the following: "The current year dividends shall be 6% on the preferred and $0.50 per share on the common. The dividends in arrears shall be paid by issuing 1,520 shares of treasury stock." At the date of declaration, the preferred is selling at $82 per share, and the common at $12 per share. Net income for 2026 is estimated at $82,800. 1,415,000 a. Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (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 O for the amounts.) Yes No 144,000 ook and Media 31,200 103,400 Debit N Credit b. Could Skysong Corporation give the preferred stockholders 2 years' dividends and common stockholders a 50 cents per share dividend, all in cash? IN

The books of Skysong Corporation carried the following account balances as of December 31,2025. The company decided not to pay any dividends in 2025. The board of directors, at their annual meeting on December 21, 2026, declared the following "The current year dividends shall be 6 S\$ on the preferred and 50.50 per share on the common. The dividends in arrears shall be paid by issuing 1.520 shares of treasury stock" At the date of declaration, the preferred is selling at $82 per share, and the common at $12 per share. Net income for 2026 is estimated at $82,800. a. Prepare the journal entries required for the dividend declaration and payment, assuming that they occur simultaneously. (List all : debit entries before credit entriex. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts) b. Could Skysang Corporation give the preferred stockholders 2 years' dividends and common stockholders a 50 cents per share dividend, all in cash