Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid the dividends on January 4, 2017. Requirements 1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017. ACCOUNT DEBIT CREDIT
Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid the dividends on January 4, 2017. Requirements 1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016. 2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017. ACCOUNT DEBIT CREDIT
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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![Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash
dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid
the dividends on January 4, 2017.
Requirements
1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016.
2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017.
ACCOUNT
DEBIT
CREDIT
1
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67646688-938c-4a0f-9a80-1d1e4986dbfe%2F57d30590-d8d0-46af-9ef1-21fd5e5cf7b9%2F5k7du3_processed.png&w=3840&q=75)
Transcribed Image Text:Frenchroast Company earned net income of $95,000 during the year ended December 31, 2016. On December 15, Frenchroast declared the annual cash
dividend on its 2% preferred stock (par value, $100,000) and a $0.60 per share cash dividend on its common stock (70,000 shares). Frenchroast then paid
the dividends on January 4, 2017.
Requirements
1. Journalize for Frenchroast the entry declaring the cash dividends on December 15, 2016.
2. Journalize for Frenchroast the entry paying the cash dividends on January 4, 2017.
ACCOUNT
DEBIT
CREDIT
1
2
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