TrishaRosano-Unit6-txtbookexercises-ACCT2

TrishaRosano-Unit6-txtbookexercises-ACCT2 - Sept. 30 Cash...

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PE 13–2A Aug. 3 Cash. .................................................................... 5,760,000 Common Stock. ............................................. 4,500,000 Paid-In Capital in Excess of Stated Value. .. 1,260,000 (45,000 shares × $128). Sept. 22 Cash. .................................................................... 150,000 Preferred Stock. ............................................. 150,000 (2,000 shares × $75). Nov. 4 Cash. .................................................................... 240,000 Preferred Stock. ............................................. 225,000 Paid-In Capital in Excess of Par. .................. 15,000 (3,000 shares × $80). PE 13–3A July 16 Cash Dividends. .................................................. 48,000 Cash Dividends Payable. .............................. 48,000 Aug. 15 No entry required.
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Unformatted text preview: Sept. 30 Cash Dividends Payable. ................................... 48,000 Cash. ............................................................... 48,000 Prob. 131A 1. Preferred Dividends Common Dividends Total Year Dividends Total Per Share Total Per Share 2003. ...................... $ 21,000 $21,000 $ 2.10 $ 0 $ 0 2004. ...................... 50,000 30,000 3.00 20,000 0.20 2005. ...................... 15,000 15,000 1.50 0 0 2006. ...................... 80,000 30,000 3.00 50,000 0.50 2007. ...................... 90,000 30,000 3.00 60,000 0.60 2008. ...................... 140,000 30,000 3.00 110,000 1.10 $15.60 $2.40 2. Average annual dividend for preferred: $2.60 per share ($15.60/6) Average annual dividend for common: $0.40 per share ($2.40/6) 3. a. 3.25% ($2.60/$80) b. 4.0% ($0.40/$10)...
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This note was uploaded on 06/24/2009 for the course ACCOUNTING AC122 taught by Professor Cocharan during the Spring '09 term at Kaplan University.

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