The following elements of stockholders' equity are from the balance sheet of Saris Marketing Corp. at December 31, 2015: LOADING...(Click on the icon to view the data.) Saris paid no preferred dividends in 2015. Requirements
1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $ 205 comma 000 and assuming the preferred stock is noncumulative.
2. Record the journal entries for 2016 assuming that Saris Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Saris paid the dividends on July 31.
Requirement 1. Compute the dividends to the preferred and common shareholders for 2016 if total dividends are $ 205 comma 000 and assuming the preferred stock is noncumulative. (Complete all input boxes. Enter "0" for any zero amounts.) Saris's 2016 dividend would be divided between preferred and common stockholders in this manner: Total Dividend—2016 205,000 Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders