Marigold Corp. was organized on January 1, 2021. During its first year, the corporation issued 1,900...

Marigold Corp. was organized on January 1, 2021. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 125,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,100; 2022, $12,700; and 2023, $29,400.

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative. (Do not leave any answer field blank. Enter 0 for amounts.)

	2021	2022	2023
Total dividend	$	$	$
Allocation to preferred stock
Remainder to common stock	$

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative.

	2021	2022	2023
Total dividend	$	$	$
Allocation to preferred stock
Remainder to common stock	$

Journalize the declaration of the cash dividend at December 31, 2023, under part (b).

Account Titles and Explanation

Date Debit Credit

Dec. 31

Expert Solution

ekkarill92 answered 3 days ago

Bramble Corp. was organized on January 1, 2021. During its first year, the corporation issued 1,800...

Bramble Corp. was organized on January 1, 2021. During its first year, the corporation issued 1,800 shares of $50 par value preferred stock and 115,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $4,900; 2022, $14,000; and 2023, $29,400. (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. (Do not leave any answer field blank. Enter 0 for amounts.)...

Derek Corporation was organized on January 1, 2017. During its first year, the corporation issued 20,000...

Derek Corporation was organized on January 1, 2017. During its first year, the corporation issued 20,000 shares of $5 shares par value preferred stock and 200,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2017$ 4,000 2018$13,000 2019$28,000 INSTRUCTIONS: a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative. b)Show the allocation of dividends to each class of stock,...

Mai Corporation was organized on January 1, 2016,During its first year, the corporation issued 40,000 shares...

Mai Corporation was organized on January 1, 2016,During its first year, the corporation issued 40,000 shares of $50 par value preferred stock and 300,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: December2016 $90,000 December2017 130,000 December2018 190,000 Required: 1. Show the allocation of dividends to each class of stock, assuming that the preferred stock is 8% and not cumulative. 2. Show the allocation of dividends to each class of stock, assuming...

E14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued...

E14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2016, $5,000; 2017, $12,000; and 2018, $28,000. Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and noncumulative. (b) Show the allocation of dividends to each class...

CDD Corp., was organized on January 2, 2018. During the first year of operation, CDD issued...

CDD Corp., was organized on January 2, 2018. During the first year of operation, CDD issued 60,000 shares of $3 par value common stock at a price of $40 cash per share. On December 31, 2018, CDD reported Net Income of $200,000 and paid $40,000 cash dividends. Use this information to determine the dollar amounts that CDD will report on its year-end Balance Sheet for Paid in Capital Common Stock in Excess to par. Acct. 220

Q4. Exercise 14-02 Sunland Corporation was organized on January 1, 2019. During its first year, the...

Q4. Exercise 14-02 Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,950 shares of $50 par value preferred stock and 110,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,325; 2020, $13,800; and 2021, $28,500. a. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. b. Show the allocation of dividends to each...

During 2022, its first year of operations as a delivery service, Marigold Corp. entered into the...

During 2022, its first year of operations as a delivery service, Marigold Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $120,000 in cash. 2. Borrowed $53,000 by issuing bonds. 3. Purchased delivery trucks for $51,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,200 on account. 6. Paid rent of $5,800. 7. Performed services on account for $10,900. 8. Paid salaries of $26,600. 9. Paid a...

Marigold Corp. was organized on January 1, 2017. It is authorized to issue 22,500 shares of...

Marigold Corp. was organized on January 1, 2017. It is authorized to issue 22,500 shares of 7%, $51 par value preferred stock and 457,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 68,500 shares of common stock for cash at $5 per share. Mar. 1 Issued 1,170 shares of preferred stock for cash at $54 per share. May 1 Issued 113,500 shares...

Marigold Corporation was organized on January 1, 2017. It is authorized to issue 10,300 shares of...

Marigold Corporation was organized on January 1, 2017. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 518,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,740 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,370 shares of preferred stock for cash at $111 per share. Apr. 1 Issued 24,840 shares...

During its first year of operations, Marigold Corporation had the following transactions pertaining to its common...

During its first year of operations, Marigold Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 84,000 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 1 Issued 32,000 shares for cash at $8 per share. Sept. 1 Issued 61,700 shares for cash at $10 per share. 1. Prepare the journal entries for these...

Question