(Preferred Stock Entries and Dividends) Jedren Co

(Preferred Stock Entries and Dividends) Jedren Corporation has 30,000 shares of $75 par value, 10%, preferred stock and 150,000 shares of $1 par value common stock outstanding at December 31, 2014. Instructions Answer the questions in each of the following independent situations. (a) If the preferred stock was issued at $83 per share, how should the preferred stock be reported in the stockholders equity section? (b) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2010, what are the dividends in arrears that should be reported on the December 31, 2014, balance sheet? How should these dividends be reported? (c) If the preferred stock is convertible into seven shares of $1 par value common stock and 2,000 shares are converted, what entry is required for the conversion assuming the preferred stock was issued at par value?

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