lT-Mobile LTE 5:06 PM @ ?? 22%, Extra Credit Questions Spring 2... 1 Close DOCX-38 KB Extra C BUSN 5600 Spring 2 2018 NAME 1. Calculate the cash dividends required to be paid for each of the following preferred stock issuances: wwh1@poistsck 3,500 shares (a ) The setsannual dividend on 85% cumulative preferred, $50 par value; authorized, issued and outstanding (b) The oal dividends owed to peeferred shareholders on 53.50 annual cumalative preserred 200,000 shares authorizod 170,000 shares issued, and 162,700 shares outstanding. The company did not pay dividends during the peior two years or during the current year. The board of directors has declared a dividend foe the current year Write the journal entry roquired to recoed dividends (c.) The quarterly dividenden 9.5% cumralatve preferred, $70 stated value, $72 liquidating value, 40,000 shares authorined, 40,000 shares issaed and outstanding. No dividends in arrears 2. A bookkeoper prepared the year-end financial statements of Christmas Time, Inc. The income statement showed net loss of $6 500, and the balance sheet showed beginning retained earnings of $40,000, Dividends sotaling $7,500 were declared and paid during the year. The firm's accountant reviewed the bookkeeper's work and desermined that adjusting entries should be made that would increase revenaes by 53,000, and increase expenses by $1,250h 3 poi ach a. What will be the amount of net income after the above adjustments are recoeded b. What was the ending retained carmings balance on the balance sheet as oniginally prepared by the bookkeeper? c. What is the correct ending balance in retained earnings to be reported on the balance sheet? Email Word Save