Hodge corporation issued 100000 shares of 20 par value, Ask an Expert

Accounting

Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on Jan 1 2013, for $2,300,000. In Decmber 2015, Hodge declared its first dividend of $500,000.

1. Prepare the journal entry to record the issuance of the perferred stock.

2. If preferred stock is NOT cumulative, how much of the $500,000 would be paid to the COMMON stockholders.

3. If the preferred stock is cumulative, how of the $500,000 would be paid to COMMON stockholders.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9798827

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