As of January 1, 2021, a Company's Shareholders' Equity

Assignment Task

Transaction

• 2021 Dec. 2022 Jan. 1 The company declared dividends of $260,000, payable on January 15, 2022, to the shareholders of record on December
• 31. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders. The dividend rate for Class A and Class B shares is the same.
• 31 The company reported net income after taxes of $70,000 for the year and then closed the Income Summary account. 7 The company sold 17,000 preferred shares at $26.00 per share.  15 The company paid the dividend declared on December 1, 2021. Feb. 14 The company sold 21,000 Class B common shares at $13.00 per share.
• Dec. 2023 2 The company declared dividends of $130,000, payable on January 15, 2023, to the shareholders of record on December 31, 2022. Indicate the amount that would be payable to the preferred shareholders and to the common shareholders.
• 31 The company reported net income after taxes of $165,000 and then closed the Income Summary account. Jan. 15 Paid the dividend declared on December 2, 2022.

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