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Prepare the journal entry to record Tamas Company's issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.)

Prepare the journal entry to record Tamas Company's issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete parts 1 and 2 please and thank you 

IS 11-11 (Algo) Preferred stock issuance and dividends LO C2 .. Prepare the journal entry to record Tamas Company's issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. View transaction list Journal entry worksheet < A Record the issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. Note: Enter debits before credits. Transaction 1 General Journal <P.re.v. Debit 4 of 7 Credit MacBook Air Next >
Transcribed Image Text:IS 11-11 (Algo) Preferred stock issuance and dividends LO C2 .. Prepare the journal entry to record Tamas Company's issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. 2. Assuming the facts in part 1, if Tamas declares a year-end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Tamas Company's issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. View transaction list Journal entry worksheet < A Record the issuance of 6,800 shares of $100 par value, 8% cumulative preferred stock for $103 cash per share. Note: Enter debits before credits. Transaction 1 General Journal <P.re.v. Debit 4 of 7 Credit MacBook Air Next >
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