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147) Mowat Corporation reported a net loss in 2008, its first year of operations, of $15,460; a net loss in 2009 of $12,350; and a net income of $152,700 in 2010. Mowat Corporation had outstanding throughout the three-year period the following issuances of shares:

$5, cumulative preferred shares, 175 shares issued$ 17,500

Common shares, 5,000 shares issued100,000

No dividends were declared in 2008 or 2009.

a) What is the amount of dividends in arrears at the beginning of  2010?

b) Assume that at the end of 2010, dividends of $70,025 were declared and paid. What total amount of dividends is paid to preferred shareholders and what total amount of dividends is paid to common shareholders?

c) What is the dividend per share paid to the preferred and common shareholders in 2010?

d) Prepare journal entries to declare and pay the dividends in 2010.

148) During 2006-2010, Warren Corporation had the following issuances of shares outstanding for the entire period:

25,000 shares of $5, cumulative preferred shares

50,000 shares of common shares

Cash dividends declared by the board of directors during 2006-2010 were as follows:

2006none

2007$125,000

2008$150,000

2009$150,000

2010$250,000

Compute the amount of total dividends and dividends per share payable to each class of shares during 2006-2010.

Year

Total Preferred

Per Share Preferred

Total Common

Per Share Common

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