accounting exercises

Project Description:

sl corporation was organized on january 1, 2011. during its first year, the corporation issued40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. at december 31, the company declared the following cash dividends:
2011 $8000
2012 $30000
2013 $70000
instructions
(a) show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative
(b) show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative
(c) journalize the declaration of the cash dividend at december 31, 2013using the assumption of part (b)
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