15) Alpha-Omega Industries has 30,000 shares of $12 par common stock and 15,000 shares of $50 par, 5% preferred stock outstanding. Total dividends available are $162,000. Compute the dividends to be distributed to preferred and common stockholders under the following condition.

 

The preferred stock is nonparticipating and cumulative with no dividends distributed last year.

 

16) Alpha-Omega Industries has 30,000 shares of $12 par common stock and 15,000 shares of $50 par, 5% preferred stock outstanding. Total dividends available are $162,000. Compute the dividends to be distributed to preferred and common stockholders under the following condition.

 

The preferred stock is participating and non-cumulative with no dividends distributed last year.

17) Alpha-Omega Industries has 30,000 shares of $12 par common stock and 15,000 shares of $50 par, 5% preferred stock outstanding. Total dividends available are $162,000. Compute the dividends to be distributed to preferred and common stockholders under the following condition.

 

The preferred stock is participating and cumulative with no dividends distributed last year.

 

18) Prepare the journal entries for Mayhem Manufacturing:

June 10 Incurred organization costs totaling $4,200

June 14 Issued 9,000 shares of $10 par value common stock for $110,000

June 22 Issued 3,500 shares of 7%, $30 par value preferred stock for $115,000.

19) Prepare the journal entries for Mayhem Manufacturing:

July 21 Issued 6,000 shares of $10 par common stock for $65,000.

July 29 Issued 3,000 shares of 7%, $30 par preferred stock for equipment with a fair market value of $93,000.

 

 

 



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