Dividends per share Lightfoot Inc., a software development firm, has stock outstanding as follows: 41,000 shares of cumulative preferred 1% stock, $130 par and 90,000 shares of $165 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $26,000; second year, $61,000; third year, $76,000; fourth year, $115,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the dividends per share on each class of stock for each of the four years. Round your answers to the nearest cent. If no dividends are paid in a given year, enter "0". 1st Year 2nd Year 3rd Year 4th Year Preferred stock (dividends per share) $ Common stock (dividends per share) $ 0.63 0 $ $c 1.49 $ o v $ 1.48 * $ 0.63 $ 1.24 x 0.84 x Musa Moshref and Shaniqua Hollins have operated a successful firm for many years, sharing net income and net losses equally. Taylor Anderson is to be admitted to the partnership on July 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of June 30, except for the following: Accounts receivable amounting to $2,600 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts. Merchandise inventory is to be valued at $77,000. Equipment is to be valued at $155,500. b. Anderson is to purchase $70,600 of the ownership interest of Hollins for $75,000 cash and to contribute another $44,500 cash to the partnership for a total ownership equity of $115,100. The post-closing trial balance of Moshref and Hollins as of June 30 is as follows: Moshref and Hollins POST-CLOSING TRIAL BALANCE June 30, 2017 ACCOUNT TITLE CREDIT DEBIT 7,900.00 Cash Accounts Receivable 42,900.00 Allowance for Doubtful Accounts 1,615.00 4 Merchandise Inventory 71,800.00 Prepaid Insurance 3,700.00 Equipment 179,600.00 Accumulated Depreciation-Equipment 42,700.00 Accounts Payable 20,300.00 Notes Payable (current) 35,500.00 Musa Moshref, Capital 119,785.00 86,000.00 11 Shaniqua Hollins, Capital 12 Totals 305,900.00 305,900.00 Required: 1. Journalize the entries as of June 30 to record the revaluations, using a temporary account entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Musa Moshref and Shaniqua Hollins. 2. Journalize the additional entries to record Anderson's entrance to the partnership on July 1, 2017. Refer to the Chart of Accounts for exact wording of account titles. 3. Present a balance sheet for the new partnership as of July 1, 2017. Refer to the information given and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. CHART OF ACCOUNTS Moshref, Hollins, and Anderson General Ledger ASSETS 110 Cash REVENUE 410 Revenues 610 Interest Revenue 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts EXPENSES 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 118 Office Supplies 119 Prepaid Insurance 510 Cost of Merchandise Sold 520 Salary Expense 521 Advertising Expense 523 Depreciation Expense- Equipment 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 125 Equipment 126 Accumulated Depreciation- Equipment 129 Asset Revaluations 531 Rent Expense 126 Accumulated Depreciation- Equipment 129 Asset Revaluations 533 Insurance Expense 133 Patent 534 Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Property Tax Expense 539 Miscellaneous Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 710 Interest Expense 214 Interest Payable 215 Notes Payable EQUITY 310 Musa Moshref, Capital 311 Musa Moshref, Drawing 312 Shaniqua Hollins, Capital 313 Shaniqua Hollins, Drawing 314 Taylor Anderson, Capital 315 Taylor Anderson, Drawing Labels Current assets Current liabilities Property, plant, and equipment Amount Descriptions Total assets Total current assets Total liabilities Total liabilities and members' equity Total liabilities and partners' equity Total members' equity Total partners' equity