The following financial information belongs to Emerald Holdings: Shares issued and outstanding: $930,000 of 9% preferred...

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The following financial information belongs to Emerald Holdings: Shares issued and outstanding: $930,000 of 9% preferred stock, $25 par $1,200,000 of common stock, $6 par Declared and paid dividends: 2019 - Did not declare any dividend 2020 – Declared $90,000 cash dividends on December 15, 2020, to be paid to shareholders on 3 January 2021 2021 - Did not declare any dividend 2022 – Declared $300,000 cash dividends on November 20, 2022, to be paid to shareholders on December 20, 2022 Instructions: a. Assuming that the preferred dividend is cumulative, compute the amount of dividend to be paid to the preferred and common stockholders in each of the years above. b. Prepare the necessary journal entries to record the dividend declared and paid in the respective years. Note: You must use (copy and paste) the table provided below to answer the question in part a.. Please set the table width to 700px. Computation/Workings Preferred Common Total The following financial information belongs to Emerald Holdings: Shares issued and outstanding: $930,000 of 9% preferred stock, $25 par $1,200,000 of common stock, $6 par Declared and paid dividends: 2019 - Did not declare any dividend 2020 – Declared $90,000 cash dividends on December 15, 2020, to be paid to shareholders on 3 January 2021 2021 - Did not declare any dividend 2022 – Declared $300,000 cash dividends on November 20, 2022, to be paid to shareholders on December 20, 2022 Instructions: a. Assuming that the preferred dividend is cumulative, compute the amount of dividend to be paid to the preferred and common stockholders in each of the years above. b. Prepare the necessary journal entries to record the dividend declared and paid in the respective years. Note: You must use (copy and paste) the table provided below to answer the question in part a.. Please set the table width to 700px. Computation/Workings Preferred Common Total

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a Year Computation Working Preferred Common Total 2019 0 0 0 2020 For preferred stock Dividend for 2... View the full answer