The question was about journaling a dividend to preferred stock. The question posed was; There was 220000 shares issued $20 parvalue, 7% preferred stock on January 1, 2019, for 4,950,000. In December 2021, the company declared its first dividend of $800,000. Based on this information prepare a journal entry to record the issuance of the preferred stock.
I submitted a question and got an incomplete answer. The question was about journaling a dividend to
The answer provided by the tutor only the entry if there wasn't a dividend - which happened to be the same answer I arrived at.
What effect does the 7% have on the dividend and how is it displayed in the journal? I provided a snapshot of my spreadsheet. I want to be able to perform all my calculations by adding any neccessary formulas. Can someone help me with this?
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