Leather Creations has been in business for two years. On December 31, 2020 (the end of the second year), the company had the following capital stock account balances immediately prior to a meeting of its board of directors.: No dividends were paid during 2019. Net income for 2020 is $110,000. At its December 31, 2020 meeting the board declares a cash dividend. Complete the table below to indicate the amount of dividends that would be distributed to each class of stockholder if the following amounts of dividends are available:

Question

Leather Creations has been in business for two years. On December 31, 2020 (the end of the second year), the company had the following capital stock account balances immediately prior to a meeting of its board of directors.:  No dividends were paid during 2019. Net income for 2020 is $110,000. At its December 31, 2020 meeting the board declares a cash dividend. Complete the table below to indicate the amount of dividends that would be distributed to each class of stockholder if the following amounts of dividends are available:

Leather Creations Has Been in Business for Two Years