Headlands Limited has the following information available regarding its share capital at December 31, 2023 Preferred shares, $3.50 cumulative, 24,400 shares issued Preferred shares, $4.50 noncumulative, 12,200 shares issued Common shares, 366,000 shares issued 4 $1,220,000 610,000 1,830,000 The shares were issued when the corporation began operations on January 1, 2022. No dividends were declared during 2022 and 2023. On October 27, 2024, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2024, to the shareholders of record on November 16 2024
Headlands Limited has the following information available regarding its share capital at December 31, 2023 Preferred shares, $3.50 cumulative, 24,400 shares issued Preferred shares, $4.50 noncumulative, 12,200 shares issued Common shares, 366,000 shares issued 4 $1,220,000 610,000 1,830,000 The shares were issued when the corporation began operations on January 1, 2022. No dividends were declared during 2022 and 2023. On October 27, 2024, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2024, to the shareholders of record on November 16 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I want three entries for dividends
do not give answer in image format and also not given in handwrityten solution
Transcribed Image Text:Headlands Limited has the following information available regarding its share capital at December 31, 2023
Preferred shares, $3.50 cumulative, 24,400 shares issued
Preferred shares, $4.50 noncumulative, 12,200 shares issued
Common shares, 366,000 shares issued
4
$1,220,000
610,000
1,830,000
The shares were issued when the corporation began operations on January 1, 2022. No dividends were declared during 2022 and
2023. On October 27, 2024, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of
the common shares. The dividends are payable on December 1, 2024, to the shareholders of record on November 16, 2024
Transcribed Image Text:Prepare journal entries on the appropriate dates for the 2024 dividends. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amount
Record journal entries in the order presented in the problem. List all debit entries before credit entries)
Date
Account Titles
Debit
Credit
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