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.)

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

(b)

Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 8% and cumulative. (Do not leave any answer field blank. Enter 0 for amounts.)

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

Expert Solution

ekkarill92 answered 2 years ago

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