Horizon Communications has the following stockholders

equity on December 31 #454

Horizon Communications has the following stockholders’ equity on December 31,
2016:Stockholders' EquityPaid-In Capital:Preferred Stock—4%, $11 Par Value; 150,000 shares
authorized, 22,000 shares issued and outstanding .............. $ 242,000Common Stock—$4 Par
Value; 575,000 shares authorized, 350,000 shares issued and outstanding .................
1,400,000Paid-In Capital in Excess of Par—Common ...... 1,050,000Total Paid-In Capital
.............. 2,692,000Retained Earnings ............... 220,000Total Stockholders' Equity ...........
$2,912,000Requirements1. Assuming the preferred stock is cumulative, compute the amount of
dividends to preferred stockholders and to common stockholders for 2016 and 2017 if total
dividends are $7,680 in 2016 and $49,000 in 2017. Assume no changes in preferred stock and
common stock in 2017.2. Record the journal entries for 2016, assuming that Horizon
Communications declared the dividend on December 1 for stockholders of record on December
10. Horizon Communications paid the dividend on December 20.View Solution:
Horizon Communications has the following stockholders equity on December 31

ANSWER
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