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Stock and Dividends Example.pdf - On March 1, 2018, Tim...

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On March 1, 2018, Tim Burr Logging Co. issues 10,000 shares of $1 par, common stock, for $35,000. OnApril 1, 2018, it issues 5,000 shares of $10 par, 6% preferred stock for $120,000.It did not declare any dividends in 2018. On August 1, 2019, Tim Burr Logging Co. declares $5,000 ofdividends. On February 1, 2020, it declares $9,000 in dividends. On November 15, 2021, it declares$20,000 of dividends.1)Make the journal entries to record the issuance of stock in 2018.2)If the preferred stock is cumulative, how much will common shareholders and preferredshareholders receive in 2017, 2018 and 2019?201920202021
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1966, 1981, 1979, 1978

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