Explain the concept of On 1st Baisakh 2075, MG Group Stockholder' Equity category appeared as follows:
500,000
8% Preferred Stock of Rs.500 par value 1,000 shares issued and outstanding
1,500,000
Common stock Rs. 100 par value 15,000 shares issued and outstanding
300,000
Additional paid in capital - Preferred
Additional paid in capital - Common
400,000
Total contributed capital
2,700,000
Retained earnings
2,000,000
Total shareholders' equity
4,700,000
The Preferred Stock is non-cumulative and non-participating. During 2075 the following
transaction occurred
a. On 1st Ashwin, declared a cash dividend of Rs.80,000 on preferred stock. Paid the
dividend on 1st Kartik.​

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.