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Park Place Co. has the following shares of stock outstanding. 5,000 shares of $1 par...

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Park Place Co. has the following shares of stock outstanding. 5,000 shares of $1 par value common stock 1,500 shares of $100 par value 8% cumulative preferred stock. In their first year of operations, Park Place declares a dividend of $10,000. How much dividend must be paid to Preferred before any distributions to common shareholders? How much dividend will be paid to preferred shareholders in year 1 ? How much dividend will be paid to common shareholders in year 1 ? How much dividend must Preferred Shareholders be paid in future years, related to year 1 , before common shareholders can receive a dividend, i.e. how much more is Preferred due? Prepare Park Place's journal entry on the Date of Declaration. DR: CR: Prepare Park Placey's journal entry on the Date of Payment. DR: CR: What do we call the other date that is significant to the dividend process but for which there is not accounting journal entry

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