Jackson Corporation has 500,000 shares of common stock outstanding. On April 10,

Question

Jackson Corporation has 500,000 shares of common stock outstanding. On April 10, the board of directors declared a $0.60 per there cash dividend, to be paid lo stockholders of record on April 25.The dividend was distributed on June 6. The proper journal entry to record on June 6 is: Dividends omitted on preferred shares that must be paid before common shareholders are entitled to be paid are referred to as: Magic Corporation paid $100,000 in dividends. The corporation had 10,000 shares of common stock outstanding and 5,000 shares of $100 par value 5% preferred stock. The preferred stock was two years in arrears prior to the current year. How much was paid to the common stockholders?

Explanation / Answer

8-a

9-b

10-c

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