PART IV (10 points) Foley Corporation has the following capital structure at the beginning of...
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Accounting
PART IV (10 points) Foley Corporation has the following capital structure at the beginning of the year: 5% Preferred stock. $50 par value, 20,000 shares authorized 6,000 shares issued and outstanding $ 300.000 Common stock $10 par value, 60.000 shares authorized. 40,000 shares issued and outstanding 400.000 Paid-in capital in excess of par 110.000 Total paid-in capital 810.000 Retained earnings 440.000 Total stockholders' equity $1.250.000 Instructions: Record the following transactions which occurred consecutively (show all calculations) 1. A total cash dividend of $90,000 was declared and payable to stockholders of Record Record dividends payable on common and preferred stock in separate accounts
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