### S13-7 Accounting for Cash Dividends#### Learning Objective 4Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2019.#### Requirements1. Journalize the entry for Java declaring the cash dividends on December 15, 2018.2. Journalize the entry for Java paying the cash dividends on January 4, 2019.

Given in the question:Annual Cash Dividend to Preferred Stock = 4%Par Value of Preferred Stock =…

Answered: 1. Journalize for Java the entry…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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1. Journalize for Java the entry declaring the cash dividends on December 15, 2018. 2. Journalize for Java the entry paying the cash dividends on January 4, 2019.