Chapter 12 - Basic Exercises eBook Show Me How Calculator 1. BE. 12-01. ALGO Dividends Per Share Seacrest Company has 15,000 shares of cumulative preferred 2% stock, $50 par and 50,000 shares of $25 par common stock. The following amounts were distributed as dividends: 2. BE. 12-02. ALGO 3. BE. 12-03.ALGO Year 1 Year 2 Year 3 $37,500 7 ,500 4. BE. 12-04. ALGO 5. BE.12-05 ALGO 45,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter 'O'. Preferred Stock Common Stock (dividends per (dividends per share) share) Year Year Year $0 $C Chapter 12 - Basic Exercises eBook * Show Me How Calculator 1. BE. 12-01. ALGO Entries for Issuing Stock 2. BE. 12-02.ALGO 3. BE. 12-03.ALGO On January 22, Limerick Corporation issued for cash 14,000 shares of no-par common stock at $25. On February 14, Limerick issued at par value 5,000 shares of preferred 8% stock, $60 par for cash. On August 30, Limerick issued for cash 27,000 shares of preferred 8% stock, $60 par at $67. 4. BE. 12-04.ALGO 5. BE. 12-05 ALGO Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Feb. 14 Cash Preferred Stock Aug. 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and how it applies to how the sale of stock is recorded. Learning Objective 2