The following elements of​ stockholders’ equity are from the balance sheet of Smith Marketing Corp. at December 31​, 2023​: paid no preferred dividends in 2023. Data Table Stockholders’ Equity Paid-In Capital:   Preferred Stock—4%, $2 Par Value; 90,000 shares authorized, 85,000 shares issued and outstanding $170,000 Common Stock—$0.10 Par Value; 11,000,000 shares authorized, 10,250,000 shares issued and outstanding 1,025,000 Requirements 1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $200,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024. 2. Record the journal entries for 2024 assuming that Smith Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Smith paid the dividends on July 31. Requirement 1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $200,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024. ​(Complete all input boxes. Enter​ “0” for any zero​ amounts.)   Smith​’s 2024 dividend would be divided between preferred and common stockholders in this​ manner:   Total Dividend—2024     Dividend to preferred stockholders:     Dividend in arrears     Current year dividend     Total dividend to preferred stockholders     Dividend to common stockholders

The following elements of​ stockholders’ equity are from the balance sheet of Smith Marketing Corp. at December 31​, 2023​:

paid no preferred dividends in 2023.

Data Table
Stockholders’ Equity
Paid-In Capital:
 
Preferred Stock—4%, $2 Par Value; 90,000 shares authorized, 85,000 shares issued and outstanding
$170,000
Common Stock—$0.10 Par Value; 11,000,000 shares authorized, 10,250,000 shares issued and outstanding
1,025,000
Requirements
1.
Compute the dividends to the preferred and common shareholders for

2024

if total dividends are

$200,000

and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in

2024.
2.
Record the journal entries for

2024

assuming that

Smith

Marketing Corp. declared the dividends on

July

1 for stockholders of record on

July

15.

Smith

paid the dividends on

July

31.

Requirement 1. Compute the dividends to the preferred and common shareholders for

2024

if total dividends are

$200,000

and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in

2024.

​(Complete all input boxes. Enter​ “0” for any zero​ amounts.)

 
Smith​’s
2024

dividend would be divided between preferred and common stockholders in this​ manner:

 
Total Dividend—2024
 
 
Dividend to preferred stockholders:
 
 
Dividend in arrears
 
 
Current year dividend
 
 
Total dividend to preferred stockholders
 
 
Dividend to common stockholders
 
 
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