the declaration of the cash dividend Sleep Corporation was organized on January 1, 2012. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends: 2012 $ 8,000 2013 $30,000 2014 $70,000 Instructions (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative. (b) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 6% and cumulative. (c) Journalize the declaration of the cash dividend at December 31, 2014 using the assumption of part (b). Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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