M work on second floor doster x Homework 11 tpx e LIKE tokNow.it TTUABor = Blogg

Question

M work on second floor doster x Homework 11 tpx e LIKE tokNow.it TTUABor = Blogging-Me N Netflix P Pandora Internet RL Home-AU Apparel : Apps The University of Ala 15.00 point The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in amont of S 190 000 in te arrent year It also declared and paid dividends on common stock in the amount of $2 90 per share. During the current year, Sneer had 1 million common shares authorized 9o.0o0 shares had been issued and 181,000 shares wore in treasury stock. The opening balance in Required: 1. Prepare jounal enteies to record the deciaration, and payment, of dividends on (o) preferred and (b) common stock Of no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field. Journal entry worksheet Record the declaration of a cash dividend of $190,000 to the preferred stockholders. Note: Enter debits before credes neral Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

a Dividends declared 190000 Dividends payable 190000 Dividends payable 190000 Cash 190000 b Dividends declared 606100 =(390000-181000)*2.9 Dividends payable 606100 Dividends payable 606100 Cash 606100

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