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Problem 11.2A (Static) Stockholders' Equity Section (LO11-4, LO11.5, LO11-6) McMinn Publications was organized early in 2019 with authorization to issue 20,000 shares of $100 par value preferred stock and 1 milition shares of \$1 par value common stock. All of the preferred stock was issued at par, and 300,000 shares of common stock were sold for $20 per share. The preferred stock pays a 10 percent cumulative dividend. During the first five years of operations (2019 through 2023) the corporation earned a total net income of $4,560,000 and paid dividends of $1 per share each year on the common stock, In 2024, however, the corporation reported a net los of $1,825,000 and paid no dividends. Required: a. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. c. Do the dividends in arrears appear as a liability of the corporation as of the end of 2024 ? Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. Note: Enter your answers in dollsrs, not in millions. Problem 11.2A (Static) Stockholders' Equity Section (LO11-4, LO11-5, LO11-6) McMinn Publications was organized early in 2019 with authorization to issue 20,000 shares of $100 par value preferred stock and 1 million shares of $1 par value common stock. All of the preferred stock was issued at par, and 300,000 shares of common stock wert sold for $20 per share. The preferred stock pays a 10 percent cumulative dividend. During the first five years of operations (2019 through 2023) the corporation earned a total net income of $4,560,000 and paid dividends of $1 per share each year on the common stock. In 2024, however, the corporation reported a net loss of $1,825,000 and paid no dividends. Required: a. Prepare the stockhoiders' equity section of the balance sheet at December 31,2024. c. Do the dividends in arrears appear as a liability of the corporation as of the end of 2024? Complete this question by entering your answers in the tabs below. Do the dividends in arrears appear as a liability of the corporation as of the end of 2024? Do the avidends in anears appear as a lability of the corporation as of the end of 2024

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