CALCULATOR FULL SCR ES Brief Exercise 11-3 On June 1, Teal Mountain Inc. issues

Question

CALCULATOR FULL SCR ES Brief Exercise 11-3 On June 1, Teal Mountain Inc. issues 3,000 shares of no-par common stock at a cash price of $5 per share ournalize the issuance of the shares. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Credit June 1 SHOW LIST OFA LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: O of 2 used SAVE FOR LATER SUBMET ANS 9

Explanation / Answer

11-3)

June 1:

Cash Dr 15000 (3000*5)

Common Stock - no par value Cr 15000 (3000*5)

11-3a)

1)

The dividend paid to preferred stock holders = 3300*103*7% = 23793

The dividend paid to common stockholders = 123500 - 23793 = 99707

2)

The dividend paid to preferred stock holders = 3300*103*7% = 23793

The dividend paid to common stockholders = 123500 - 23793 = 99707

3)

The dividend paid to preferred stock holders = (3300*103*7%)*3 = 23793*3 = 71379

The dividend paid to common stockholders = 123500 - 71379 = 52121

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