Question

1.Given the following for the Vitale Company; the company began operations on 1/1/1.
Preferred Stock, 4%, cumulative Common Stock $20,000 Cash Dividends paid

Year 1 $1100

Year 2 $700
Year 3 $1500
Year 1 Dividends received by the Preferred shareholders is: common stock is:
Year 2 Dividends received by the Preferred shareholders is: common stock is:
Year 3 Dividends received by the Preferred shareholders is: common stock is:

2. Specialty Packaging Corporation began business on March 1, 2013 by issuing 20,000 shares of common stock. The stock has a $1 par value but sold for $8 per share. At December 31, 2013, the common stock had a market value of $6. On its December 31, 2013 balance sheet, Specialty Packaging would report

3.
treasury stock is closed or no closed？

Answer 1

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Question-1
			Preferred Dividend	Common Stock Dividend	Total
Year 1		20000*4%	$                             800	$                               300	$    1,100
Year 2			$                             700		$       700
Year 3		20000*4%+100 of Year 2	$                             900	$                               600	$    1,500
Question-2
		Common Stock	20000*1	$                         20,000
		Additional Paid in Capital in excess of par-Common Stock	20000*7	$                       140,000
Question-3
		Treasury Stock Ledger is not closed, rather carried forward