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  3. eaver corporation had the following stock issued a

eaver Corporation had the following stock issued and outstanding at January 1, Year 1: ...

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Accounting

eaver Corporation had the following stock issued and outstanding at January 1, Year 1:

  1. 89,000 shares of $7 par common stock.
  2. 7,500 shares of $80 par, 4 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.

a. Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Prepare general journal entries to record the declaration and pa ansaction/event, select "No journal entry required" in the first a View transaction list 1 On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $4 per share dividend for the common shareholders. 2 The shareholders on record on June 20 will receive a dividend payment to be paid July 1. 3 On July 1, the dividends are paid to the shareholders of record on June 20. On December 31, the closing entry for dividends is recorded. Note : = journal entry has been entered Record entry Clear entry

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