The December 31, 2024 shareholders' equity section of French Inc.'s balance sheet is shown below:...
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The December 31, 2024 shareholders' equity section of French Inc.'s balance sheet is shown below: $ Preferred shares, $3 non-cumulative, 2,000 issued Common shares, 100,000 authorized, 15,000 issued Retained earnings Total shareholders' equity 89,000 110,000 230,000 429,000 $ Required: a.) How much were the preferred shares issued for? b.) How much were the common shares issued for? c.) What does the term "non-cumulative" mean in relation to preferred shares? d.) Assume the company declared and paid the preferred dividend and also paid a dividend of $5 per common share. Journalize the transaction
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