Sanders Corporation has the following shares outstanding: 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.
+4
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sanders Corporation has the following shares outstanding: 7,000 shares of $50 par value, six percent preferred stock and 45,000 shares of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Business » Sanders Corporation has the following shares outstanding: 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.