Unit 8 Homework Q1

Q.a

b&c

Sheridan Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of S 50 par value preferred stock and 105,000 shares of $ 10 par value common stock. At December 31, the company dedared the following cash dividends: 2021, $4,500,2022. $ 13,500; and 2023, $ 27.500. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2021 2022 2023 Allocation to preferred Stock $ s $ Allocation to common Stock $ $ $ eTextbook and Media List of Accounts Safor Lates Attempts: 0 of 5 used Suben Answer Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative 2021 2022 2023 $ $ Allocation to preferred stock Allocation to common $ $ $ stock e Textbook and Media List of Accounts Save for Later Attempts:0 of 5 used Submit Answer IC) Journalize the declaration of the cash dividend at December 31, 2023. under part (b). (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec 31 eTextbook and Media List of Accounts