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Question

x-G chegg Study l Guided , × G My hsthtion Cocup GEdit View History '-".yenich-memích Blackboard Leari, x C Secure https://blackboard9wccnet.ed ide 701 10, 1&co.; My Institution Courses Careers Personal Counseling Student 50Qs Onli ACC 111:-Principles of Accounting1-Section 06 Fall 2017 myBusinessCourseChapper 11 Homework sinessCourse Nicole Colomb Cash Dividends Sanders Corporation has the following shares cutstanding 7,000 shares of $50 par value, six percent preferred stock and 45,000 shares of $1 par value common stock. The company has $328,000 of retained earnings. At year-end, the company declares its regular $3 per share cash dividend on the preferred stock and a $2.20 per share cash dividend on the common stock. Three weeks later, the company pays the dividends a. Prepare the journal entry for the declaration of the cash dividends b. Prepare the journal entry for the payment of the cash dividends General Journal 120,000 Dividends Payable. Preferred Stock Dividends Payable-Commen Seck To record declaration of dividend on preferred stock and 2 4 8 0

Explanation / Answer

Dividend Payable -common stock 45,000 Shares X 2.2 Per Share 99,000 Dividend Payable -Preferred stock 7,000 Shares X 3 Per Share 21,000 Cash Dividends 120,000

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