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What is the amount of dividend per share

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Reference no: EM133030621

Problem - Amusement Corp. showed the following amounts in the equity section of its balance sheet at January 1, 2020:

Preferred shares $2 cumulative (in arrears for 2019), 10,000 shares issued $500,000

Common shares 40,000 shares issued $800,000

Retained earnings $500,000

In 2021:

On January 20, 2020, 10,000 common shares were issued for $150,000

On November 1, 2020, Cash dividends of $90.000 were declared. Dividends will be paid on January 18, 2021

On December 31, 2020, Amusement Corp. reported revenues of $150,000 and expenses of $80,000 for the year

Required -

1. What is the amount of dividend per share owing to preferred shareholders?

2. Prepare journal entries for 2020. Use an Income summary account and Dividend declared account as required.

3. Calculate the average issue price per common share for 2020.

4. Prepare the statement of changes in shareholders equity for the year ended December 31, 2020.

5. Prepare the balance sheet (partial) at December 31, 2020.

Reference no: EM133030621

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