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Problem - Sweet Acacia Ltd. issues 8,900, $4 cumulative preferred shares at $64 each and 15,000 common shares at $30 each at the beginning of 2016. Each preferred share is convertible into two common shares. During the years 2016 and 2017, the following transactions affected Sweet Acacia's shareholders' equity accounts:
2016
Jan.10 Paid $14,000 of annual dividends to preferred shareholders.
2017
Jan.10 Paid annual dividend to preferred shareholders and a $4,200 dividend to common shareholders.
Mar.1 The preferred shares were converted into common shares.
Required -
Journalize each of the transactions.
Are there any additional reporting requirements regarding preferred share dividends in either 2016 or 2017?
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