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Computing dividends on preferred and common stock and journalizing The following elements of stockholders equity are from the balance sheet of Sandy Marketing Corp at December 31 2015 Sandy

Computing dividends on preferred and common stock and journalizing The following elements of stockholders’ equity are from the balance sheet of Sandy Marketing Corp. at December 31, 2015:

Sandy paid no preferred dividends in 2015.

Requirements

1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $150,000 and assuming the preferred stock is noncumulative.

2. Record the journal entries for 2016 assuming that Sandy Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Sandy paid the dividends on July 31.

Apr 21 2020 View more View Less

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