York's outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 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. 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. Exercise 11-11 Use the data in Exercise 11-10 to determine the amount of dividends paid each year to each of the two Dividends on common and classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends cumulative preferred stock paid to each class for the four years combined. C2 Exercise 11-12 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Recording and reporting treasury stock transactions P3 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11 . b. Sold 1,000 treasury shares on November 1 for $31 cash per share. Check (1c) Dr. Retained c. Sold all remaining treasury shares on November 25 for $20 cash per share. Earnings, \$14,000 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Exercise 11-13 In Draco Corporation's first year of business, the following transactions affected its equity accounts. Preparing stockholders' Prepare the stockholders' equity section of Draco's balance sheet as of December 31. equity section - Issued 4,000 shares of $2 par value common stock for $18. It authorized 20,000 shares. - Issued 1,000 shares of 12%,$10 par value preferred stock for $23. It authorized 3,000 shares. - Reacquired 200 shares of common stock for $30 each. - Retained earnings is impacted by reported net income of $50,000 and cash dividends of $15,000