The following elements of stockholders' equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2015: (Click on the icon to view the data.) Sneed paid no preferred dividends in 2015. Requirements 1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $150,000 and assuming the preferred stock is noncumulative. 2. Record the journal entries for 2016 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sneed paid the dividends on July 31. Requirement 1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $150,000 and assuming the preferred stock is noncumulative. (Complete all input boxes. Enter "0" for any zero amounts.) Sneed's 2016 dividend would be divided between preferred and common stockholders in this manner: Total Dividend-2016 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 2016 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sneed paid the dividends on July 31. (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.) Jul. 1, 2016: Declared dividend. Date Accounts and Explanation Debit Credit The following elements of stockholders' equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2015: (Click on the icon to view the data.) Sneed paid no preferred dividends in 2015. Requirements 1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $150,000 and assuming the preferred stock is noncumulative. 2. Record the journal entries for 2016 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sneed paid the dividends on July 31. Requirement 2. Record the journal entries for 2016 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sneed paid the dividends on July 31. (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.) Jul. 1, 2016: Declared dividend. Date Jul. 1 Jul. 15, 2016: Date of record. Date Jul. 15 Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit == The following elements of stockholders' equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2015: | (Click on the icon to view the data.) Sneed paid no preferred dividends in 2015. Requirements Data table 1. 2. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $150,000 and Record the journal entries for 2016 assuming that Sneed Marketing Corp. declared the dividends on July 1 for s Stockholders' Equity Requirement 2. Record the journal entries for 2016 assuming that Sneed Marketing Corp. declared the dividends on the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first I Jul. 1, 2016: Declared dividend. Date Jul. 1 Accounts and Explanation Debit Credit Paid-In Capital: Preferred Stock-4%, $2 Par Value; 120,000 shares authorized, 60,000 shares issued and outstanding Common Stock$0.10 Par Value; 11,000,000 shares authorized, 10,250,000 shares issued and outstanding Jul. 15, 2016: Date of record. Date Jul. 15 Accounts and Explanation Debit Credit Print Done first, then credits. Select $ 120,000 1,025,000 The following elements of stockholders' equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2015: (Click on the icon to view the data.) Sneed paid no preferred dividends in 2015. Requirements 1. 2. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $150,000 and assuming the preferred stock is noncumulative. Record the journal entries for 2016 assuming that Sneed Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sneed paid the dividends on July 31. Date Jul. 15 Jul. 31, 2016: Paid dividend. Date Jul. 31 Accounts and Explanation Debit Credit Data table Accounts and Explanation Debit Credit Paid-In Capital: Stockholders' Equity Preferred Stock-4%, $2 Par Value; 120,000 shares authorized, 60,000 shares issued and outstanding Common Stock-$0.10 Par Value; 11,000,000 shares authorized, 10,250,000 shares issued and outstanding Print Done $ 120,000 1,025,000