Accounting

The board of directors of Newton Industries is contemplating a dividend of $500,000. The corporation had 60,000 shares of 10 percent, $40 par value cumulative preferred stock outstanding. There were 400,000 shares of $1 par value common stock outstanding at the time Newton declared dividends.

Determine the dividends the preferred and common shareholders will receive if the preferred stock is one year in arrears.

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1. Describe the carrying value shown on the budgeted balance sheet over the life of a lump-sum payment (noninterest-bearing) note.

2. Describe the carrying value shown on the budgeted balance sheet over the life of a periodic and lump-sum payment note.

3. What is the difference between an operating and a capital lease?

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