80.2K

Verified Solution

Link Copied!

(Part A, Part B, Part C, and Part D) Hello If anyone can help me with this four part problem that I don't seem to get that would be greatly appreciated and if you can make sure it's correct.Thanks again

Part APart B

Part C

Part D

On January 2, 2014, Valente Corporation issued 40,000 shares of 8% cumulative preferred stock at $100 par value. On December 31, 2017, Valente Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders? $1,280,000 a. $320,000 $1,440,000 O c. $360,000 O d. Under which of the following circumstances may a stockholder be personally liable? if the corporation goes bankrupt a. if stockholders become bankrupt b. o c. if stock is bought above its stated value O d. if stock was bought below its par value In March, Justin Company acquired 2,000 shares of treasury stock for $18 per share. In April, it reissues 400 shares at $20 per share. The entry to record the reissue would include which of the following? a credit to Treasury Stock of $8,000 a. a credit to Paid-in Capital From Treasury Stock of $800 a credit to Retained Earnings of $800 C. a gain of $800 d. On January 1, Central Corporation had 200,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a credit to Common Stock Dividends Distributable for $300,000. a. credit to Common Stock Dividends Distributable for $450,000. debit to Stock Dividends for $300,000. C. credit to Cash for $450,000. O d

Answer & Explanation Solved by verified expert

See Answer