11) Jolly Holly Ltd. ( JHL ), a company with a December 31 year end,...
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11) Jolly Holly Ltd. ( JHL ), a company with a December 31 year end, has the following capital shares outstanding: Common shares, 36,000 - \$0.80 preferred shares, 5,000 shares, cumulative, with 2 years in arrears As of at December 1,2022 no dividends had been declared yet in the 2022 year. A cash dividend of $36,000 was declared on December 5,2022 and paid on December 15, 2022. Required ( 14 marks): a) Compute (showing your calculations) the total dollar amount of dividends the preferred shareholders will receive. b) Compute (showing your calculations) the total dollar amount of dividends the common shareholders will receive. c) Prepare all the journal entries related to these transactions. d) What is the dollar amount of dividends per common share? e) Would your amounts in parts b and change if the preferred shares were noncumulative? If this was the case, what would your amounts be for parts a and b
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