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please show work step by step Problem 1 - Dividend Distribution Matt...

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Accounting

please show work step by step image
Problem 1 - Dividend Distribution Matt Schmidt Company's ledger shows the following balances on December 31, 2017. 7% Preferred Stock - $100 par value, outstanding 2,000 shares Common Stock - $10 par value, outstanding 300,000 shares Retained Earnings $200,000 $3,000,000 $630,000 The directors decided to declare total dividends in the amount of $366,000. Required: Determine how much each class of stock should received under the following assumptions: 1. The preferred stock is cumulative and fully participating. 2. One year's dividends are in arrears on the preferred stock. Scanned with CamScanner

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