Jacklie Syndicate Began Operations on January 1,20X3 $\quad$ $\quad$

question 26

Multiple Choice

Jacklie Syndicate began operations on January 1,20X3.The company has the following items included in the stockholders' equity section of its balance sheet on December 31,20X3,December 31,20X4 and December 31,20X5.
8% Preferred Stock,$100 par,100,000 shares authorized,
25,000 shares issued and outstanding $\quad$ $\quad$ $\quad$ $\quad$ $\$ 2,500,000$
Common Stock,$3 par,500,000 shares authorized;
150,000 shares issued and outstanding $\quad$ $\quad$ $\quad$ $450,000$
Additional paid-in capital $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $2,250,000$ Total dividends declared and paid were

$\begin{array}{ll}\text { during 20X3 } & \$ 170,000 \\\text { during 20X4 } & 210,000 \\\text { during 20X5 } & 240,000\end{array}$
If Jacklie Syndicate's preferred stock were cumulative,how much of the 20X5 dividends would have been distributed to

• A)\(\begin{array}{ll}
• \underline{ \text { Preferred Stock} }& \underline{ \text { Common Stock }}\\
• \$ 200,000 &\$ 40,000\\
• \end{array}\)
• B) \(\begin{array}{lccc}
• \underline{ \text { Preferred Stock } }& \underline{ \text { Common Stock }}\\
• \$ 205,714& \$34,286 \\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \underline{ \text { Preferred Stock } }& \underline{ \text { Common Stock }}\\
• \$ 219,230& \$20,770 \\
• \end{array}\)
• D) \(\begin{array}{lccc}
• \underline{ \text { Preferred Stock} } & \underline{ \text { Common Stock }}\\
• \$ 220,000 & \$ 20,000\\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \underline{ \text { Preferred Stock } }&\underline{ \text { Common Stock }}\\
• \$ 40,000 & \$0 \\
• \end{array}\)

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