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Sarasota Corporation is preparing its December 31, 2020 statement of financial position. The following items may be reported as either current or long-term liabilities:
1.On December 15, 2020, Sarasota declared a cash dividend of $3 per common share to shareholders of record on December 31. The dividend is payable on January 15, 2021. Sarasota has issued 1.20 million common shares.
2.Also, on December 31, Sarasota declared a 10% stock dividend to shareholders of record on January 15, 2021. The dividend will be distributed on January 31, 2021. Sarasota's common shares have a market value of $60 per share.
Question 1: For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. (Do not leave any answer field blank. Enter 0 for amounts.)
Financial Statement Analysis and Preparation
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