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t View History Bookmarks Window Help 72%. Mon 7:20 PM ishte edugen.wileyplus.com 00 utch Anime Onine English Subbed Search Textbook Solutions Chegg.com WileyPLUS: MyWlleyPLUS I Contact UsI Loga Out US Weygandt, Accounting Principles, 12e ACCOUNTING PRINCPLES (AC 1101/1201/ 1162) & Practice Gradebook ORION Downloadable eTextbook Assignment BACK Exercise 14-2 Knudsen Corporation was organized on January 1, 2016. During its first year, the corporation issued 1,900 shares of $50 par value dividends: 2016, $5,950; 2017,$13,800; and 2018, $28,000 chares of s10 par value common stock. At December 31, the company deciared the folowng cash Show the allocation of dividends to each dass of stock, assuming the preferred stock dvidend is 7% and nonamulative 2018 Allocation to preferred stock s Allocation to common stock Show the allocation of dividends to each class of stock, assuming the preferred stock dvidend is 8% and cumulative. 2016 2017 Alocation to preferred stock s Allocation to common stock ournaine the declaration of the cash dividend at December 31, 2018, under part (b). (Credit account titles are automatically 20 4 5Explanation / Answer
Pereffered stock dividend 1900*50*7% 6650 Non cumulative 2016 2017 2018 Total declared 5950 13800 28000 Allocation to preferred stock 5950 6650 6650 Allocation to common stock 0 7150 21350 Cumulative 2016 2017 2018 Total declared 5950 13800 28000 Allocation to preferred stock 5950 7350 6650 Allocation to common stock 0 6450 21350 Perferred stock (6650-5950)+6650 31-Dec-18 Dividend 21350 Dividend payable 21350
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