Question: Northern Communications has the following stockholders equity Requirements

Northern Communications has the following stockholders’ equity:


Requirements
1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2014 and 2015 if total dividends are $ 12,200 in 2014 and $ 55,000 in 2015.
2. Record the journal entries for 2014, assuming that Northern Communications declared the dividend on December 1 for stockholders of record on December 10. Northern Communications paid the dividend on December20.
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  • CreatedJanuary 16, 2015
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