College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 21, Problem 3SEB

COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of $1 par common stock outstanding and 5,000 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.30 per share on common stock to shareholders of record on August 1, payable on August 5.

On July 15, the board of directors declared a semiannual dividend of $5 per share on preferred stock to shareholders of record on August 5, payable on August 10.

Prepare journal entries for the declaration and payment of the common and preferred stock cash dividends.

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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

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Dividend explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=Wy7R-Gqfb6c;License: Standard Youtube License