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Twinky's outstanding stock consists of a 40,000 shares of Cumulative 8% prefe edstock w haso par va e and 50,000 shares of common stock with

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Twinky's outstanding stock consists of a 40,000 shares of Cumulative 8% prefe edstock w haso par va e and 50,000 shares of common stock with a $1 par value. During its first three years of operation, the company declared and paid the following cash dividends: 20X7 ($10,000), 20X8 ($25,000) and 20X9 ($100,000). Determine the amount of dividends paid each year, to each of the two classes of stockholders. (9 pts) ) (0 Preferred CommonTotal egar 20X7 20x8 20x9 2. Dew the Dew, Inc.,incorporates on February 18, 2019 and issues 20,000 shares of its $5 par value common stock for $150,000 cash. Prepare the journal entry to record this event and include an explanation. (4 pts) Date Explanation and Account debit credit 3. ABC Co. has 20,000 shares of $10 par stock outstanding. It declares a $1/share cash dividend on Dec. 1,20X9 to tockholders of record on 1220, to be paid on 1231. Make the jounal entries on the date of declaration and the date of payment. (No explanations are necessary) (6 pts) debit credit Explanation and Account Date 4. A partial ist of accounts below appeared in the Trial Balance of Peanuts&Company Indicate with a check mark whether each balance would appear on the Income Statement or the Balance Sheet (choose only one) (8 pts) ( % pt. each) Trial Balance Income Balance Sheet Statement Cash 3,978 750 (2) Prepaid Rent 1,000 Accounts Receivable Interest Expense 2,500 Service Revenue 13,300 (6) Building 10,000 Accumulated Depreciation-Building Premium on Bonds Payable 150 200 2,800 750 200 250 40 38 100 Retained Earnings (11) Loss on Sale of Plant Asset 14) Common Dividends Payable 0) Common Stock 2) Paid In Capital-excess of par,C. Allowance for Doubtful Accounts (credit balance) -(13) | Depreciation Expense 15 16) Bonds Payable 1,000

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