Madison Hotel Inc included the following shareholders

equity on its #649

Madison Hotel, Inc. included the following shareholders’ equity on its year-end balance sheet at
December 31, 2014, with all dollar amounts in millions:Shareholders’ Equity $ MillionsShare
Capital:Preferred Shares, 6.5% cumulative ......... $ 45Common Shares; 500,000,000 shares
authorized,176,000,000 shares issued and outstanding ...... 228Total Share Capital ...............
273Retained Earnings ............... 142Total Shareholders’ Equity ............ $415Requirements1.
Identify the different issues of shares Madison Hotel, Inc. has outstanding.2. Give the two
entries to record issuance of the Madison Hotel Inc. shares. Assume all the shares were issued
for cash. Explanations are not required.3. Assume that preferred dividends are in arrears for
2013 and 2014. Record the declaration of a $37 million cash dividend on December 30, 2015.
Use separate Dividends Payable accounts for preferred and common shares. Round to the
nearest $1 million. An explanation is not required.View Solution:
Madison Hotel Inc included the following shareholders equity on its

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