10.4 #4

4.LO 10.4 -Dividends Throughout its 2021 and 2022 fiscal years, Mitter Lite Corp. has both common stock and preferred stock outstanding as follows: > Common Stock o Shares outstanding: 100,000 o Par value per share: $1 o Original issue price per share: $10 Preferred Stock o Shares outstanding: 10,000 o Par value per share: $50 o Original issue price per share: $50 o Preferred dividends: 5% (of face value); paid annually; cumulative As of December 1, 2021, there are no preferred dividends in arrears. The following transactions and events took place regarding Mitter: December 1, 2021: Mitter's board of directors (BOD) declares total cash dividends of $20,000. December 9, 2021: o Mitter identifies owners of record of both common and preferred shares outstanding December 31, 2021: Mitter pays cash dividends (in full) that were declared on December 1, 2021 December 1, 2022 o Mitter's BOD declares total cash dividends of $100,000. December 9, 2022: o Mitter identifies owners of record of both common and preferred shares outstanding. December 31, 2022: o Mitter pays cash dividends (in full) that were declared on December 31, 2022 Assume Mitter has the following accounts set up in its general ledger: Cash Paid-in Capital in Excess of Par Common Stock - Par Preferred Stock - Par Dividends Payable - Common Retained Earnings Dividends Payable - Preferred 4.a. Regarding the events of December 1, 2021... Journal Entry (fill in only those cells as necessary) DR CR 4.b Regarding the events of December 9, 2021... Journal Entry fill in only those cells as necessary) DR CR 4.c. Regarding the events of December 31, 2021... Journal Entry (fl in only those cells as necessary) DR CR 4. d. Regarding the events of December 1, 2022... Journal Entry (fill in only those cells as necessary) DR CR 4 e. Regarding the events of December 9, 2022... Journal Entry (fill in only those cells as necessary) DR CR 11 4. Regarding the events of December 31, 2022 Journal Entry(fill in only those cells as necessary) DR CR