Ai corporation issued 90210 shares of 20 par value, Ask an Expert

Accounting

AI Corporation issued 90,210 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2007, for$2,527,500. In December 2009, AI declared its first dividend of $580,600.

Prepare AI's journal entry to record the issuance of the preferred stock.

If the preferred stock is not cumulative, how much of the $580,600 would be paid to common stockholders?

If the preferred stock is cumulative, how much of the $580,600 would be paid to common stockholders?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797898

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