Use the following information for the Exercises below.

[The following information applies to the questions displayed below.] Yorks outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 190,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends:

2015 total cash dividends	$	18,000
2016 total cash dividends		28,000
2017 total cash dividends		300,000
2018 total cash dividends		450,000

Exercise 11-8 Dividends on common and noncumulative preferred stock LO C2

Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined. (Round your "Dividend per Preferred Share" answers to 3 decimal places.)

	Par Value per Preferred Share	Dividend Rate	Dividend per Preferred Share	Number of Preferred Shares	Preferred Dividend
Annual Preferred Dividend:
	Total Cash Dividend Paid	Paid to Preferred	Paid to Common	Dividends in Arrears at year-end
2015	$18,000
2016	28,000
2017	300,000
2018	450,000
Total:	$796,000	$0	$0

Exercise 11-9 Dividends on common and cumulative preferred stock LO C2

Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combined. (Round your "Dividend per Preferred Share" answers to 3 decimal places.)

	Par Value per Preferred Share	Dividend Rate	Dividend per Preferred Share	Number of Preferred Shares	Preferred Dividend
Annual Preferred Dividend:
	Total Cash Dividend Paid	Paid to Preferred	Paid to Common	Dividends in Arrears at year-end
2015	$18,000
2016	28,000
2017	300,000
2018	450,000
Totals	$796,000	$0	$0

On October 10, the stockholders equity of Sherman Systems appears as follows.

Common stock$10 par value, 74,000 shares authorized, issued, and outstanding	$	740,000
Paid-in capital in excess of par value, common stock		226,000
Retained earnings		880,000
Total stockholders equity	$	1,846,000

1. Prepare journal entries to record the following transactions for Sherman Systems.

Purchased 5,200 shares of its own common stock at $27 per share on October 11.

Sold 1,050 treasury shares on November 1 for $33 cash per share.

Sold all remaining treasury shares on November 25 for $22 cash per share.

Transaction	General Journal	Debit	Credit
c

Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase.

Revised Equity Section of Balance Sheet After October 11
Total contributed capital	0
Total	0
Total stockholders equity	$0