accounting

Project Description:

the records of hollywood company reflected the following balances in the stockholders’ equity accounts at december 31, 2010:

common stock, par $11 per share, 48,000 shares outstanding
preferred stock, 12 percent, par $9 per share, 7,000 shares outstanding
retained earnings, $226,000
on september 1, 2011, the board of directors was considering the distribution of a $84,000 cash dividend. no dividends were paid during the previous two years. you have been asked to determine dividend amounts under two independent assumptions:
a. the preferred stock is noncumulative.
b. the preferred stock is cumulative.
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