The following elements of shareholders' equity are adapted from the balance sheet of Brzynski Marketing Ltd: Shareholders'

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The following elements of shareholders' equity are adapted from the balance sheet of Brzynski Marketing Ltd:

                                                        Shareholders' Equity

Preferred shares, $0.10, cumulative,

100,000 shares authorized, 60,000 shares issued and outstanding..................$ 60,000

Common shares, 2,000,000 shares authorized, 900,000 shares issued

And outstanding..........................................................................1,500,000

The company has paid all dividends through 2012.

Required

Compute the dividends paid to preferred shareholders and to common shareholders for 2013 and 2014 if total dividends are $0 in 2013, and $41,000 in 2014. Round your answers to the nearest dollar.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For  answer-question

Accounting

ISBN: 978-0132690089

9th Canadian Edition volume 2

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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