When Crossett Corporation was organized in January Year 1, it immediately issued 4,900 shares of $51 par, 4 percent, cumulative preferred stock and 10,000 shares of $8 par common stock. Its earnings history is as follows: Year 1, net loss of $16,400; Year 2. net income of $119,000; Year 3, net income of $116,600. The corporation did not pay a dividend in Year 1. Required b. Assume that the board of directors declares a $34,492 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? (Amounts to be deducted should be indicated with minus sign.) Distributed to Shareholders Preferred Common Amount Total dividend declared Year 1 Arrearage Prev 1 of 5 ! Next > 9 acer Check my w b. Assume that the board of directors declares a $34,492 cash dividend at the end of Year 2 remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Amounts to be Distributed to Shareholders Protected comm I Amount Year 2 Pretend dividends A for common Total distribution Pret o 5 Next > acer Mercury Corporation issued 2,500 shares of no par common stock for $20 per share. Mercury also issued 3.200 shares of $25 par 5 percent noncumulative preferred stock at $35 per share. Required Record the transactions in a horizontal statements model in the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), Investing activity (IA), or financing activity (FA). Not all cells in the Statement of Cash Flows column may require an input leave cells blank if there is no corresponding input needed.) MERCURY CORPORATION Horizontal Statements Model Revenue 2 sps acer Elroy Corporation repurchased 2.500 shares of its own stock for $25 per share. The stock has a par of $5 per share. A month later, Elroy resold 650 shares of the treasury stock for $33 per share. Required What is the balance of the Treasury Stock account after these transactions? acer Required Record the events occurring on May 1, May 15, and May 31 in a horizontal statements model. (In the Statement of Cash Flows column, Indicate whether the item is an operating activity (OA). Investing activity (IA), or financing activity (FA). Not all cells in the "Statement of Cash Flows column may require an input - leave cells blank if there is no corresponding input needed.) LOVE CORPORATION Income Statement Statement of Cush Assets - Liabilities Revenue Expense Net Income May 1 May 15 May 31 acer Check Beacon Corporation issued a 6 percent stock dividend on 31,500 shares of its $9 par common stock. At the time of the dividend, the market value of the stock was $21 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model Complete this question by entering your answers in the tabs below. Required A Required Show the effects of the stock dividend on the financial statements using a horizontal statements model in the Statement of Cash Flows column, India activity (OA), investing activity (IA), or financing activity (FA). Not all cells in the Statement of Cash Flows column may require an input - leave cells input needed.) BEACON CORPORATION Horizontal Statements Model Revenue Stockholders' Equity PIC in Retained