Instructions Answer the questions in each (a) If the preferred stock the dividends in arrears that the questions in each of the following independent situations. le preferred stock is cumulative and dividends were last paid on the preferred stock on December stpaid on the preferred stock on December 31, 2014, what ar ember 31, 2017, balance sheet? How should these dividend be reported? e basis of the explanation for each entry, prepare the entries that should have been E15-9 (L01,3) (Preferred Stock Entries and Dividends) Otis Thorpe Corporation preferred stock and 50.000 shares of $10 par value common stock outstanding at Decem he entries that should have been made for the cap Thorpe Corporation has 10.000 shares of $100 par value, 8%, hmon stock outstanding at December 31, 2017 Instructions Answer the questions in each of the following independent situations, (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December the dividends in arrears that should be reported on the December 31, 2017, balance sheet? How should these dividends be reported? ere last paid on the preferred stock on December 31, 2014, what are