42. The partnership agreement for Wilson, Pickett & Nelson,a general partnership, provided that profits be shared between thepartners in the ratio of their financial contributions to thepartnership. Wilson contributed $90,000, Pickett contributed$54,000 and Nelson contributed $18,000. In the partnership's firstyear of operation, it incurred a loss of $207,000. What amount ofthe partnership's loss, rounded to the nearest dollar, should beabsorbed by Nelson?
46. Halverstein Company's outstanding stock consists of 12,250shares of cumulative 5% preferred stock with a $10 par value and5,250 shares of common stock with a $1 par value. During the firstthree years of operation, the corporation declared and paid thefollowing total cash dividends.
| Dividend Declared |
| Year 1 | $ | 0 |
| Year 2 | $ | 10,500 |
| Year 3 | $ | 44,000 |
|
The amount of dividends paid to preferred and common shareholdersin Year 2 is:
47. Sweet Company’s outstanding stock consists of 1,100 sharesof noncumulative 4% preferred stock with a $100 par value and10,100 shares of common stock with a $10 par value. During thefirst three years of operation, the corporation declared and paidthe following total cash dividends.
| Dividend Declared |
| year 1 | $ | 2,100 |
| year 2 | $ | 6,200 |
| year 3 | $ | 32,500 |
|
The total amount of dividends paid to preferred and commonshareholders over the three-year period is:
50. On January 1, a company issues bonds dated January 1 with apar value of $450,000. The bonds mature in 5 years. The contractrate is 9%, and interest is paid semiannually on June 30 andDecember 31. The market rate is 10% and the bonds are sold for$432,619. The journal entry to record the first interest paymentusing straight-line amortization is:
