Any help would be greatly appreciated. Present your solution to the following pr

Question

Any help would be greatly appreciated.

Present your solution to the following problem in an Excel document.

Problem 1

Cool Beans Company has 30,000 shares of 2% cumulative preferred stock of $50 par and 50,000 shares of $50 par common stock. Below are the amounts distributed as dividends.

$20,000

$50,000

$90,000

Please determine the amount of dividends paid to common and preferred stock for each scenario presented above.

Problem 2

On April, 10 2010, Cougs Company issued for cash 20,000 shares of no-par common stock for $40. On April 15, Cougs issued at par 2000 shares of 5%, $50 par preferred stock for cash. On May 1, Cougs Company issued for cash 2,000 shares of 5%, $50 par preferred stock for $55.

Journalize the entries to record the April 10, April 15 and May 1 transactions

Problem 3

You have noted that there are 3 important dates associated with a cash dividend of $25,000. These are May 1, May 15 and May 30. Please journalize the preceding transactions.

Reminder: Please submit your solutions to the problems in your Excel document.

Explanation / Answer

problem2

Journal entries

1)30,000 shares of 2%cumulative preferred stock of $50 par

Dividend to preferred shareholders = 30,000*50 @2% = $30,000

(3) Since you have not provided infomation with regard to dates i think these are the possible dates

May 1 Date of declaration

May 15 Date of record no entry

May 30   Divivends paid

Date Description Debit Credit April 10 Cash $80,000 To common stock $80,000 (20,000 * $40) April 15 Cash $100,000 To 5% preferred Stock $100,000 May 1 Cash $110,000 To 5% preferred Stock $100,000 Paon in excess of capital    10,000

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