On December 31,2021, Swifty, Inc. has 3700 shares of 5%$100 par value cumulative preferred stock...
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On December Swifty, Inc. has shares of $ par value cumulative preferred stock and shares of $ par value common stock outstanding. On December the directors declare a $ cash dividend. The entry to record the declaration of the dividend would include: a note in the financial statements that dividends of $ per share are in arrears on preferred stock for a credit of $ to Dividends Payable. a debit of $ to Common Stock. a credit of $ to Cash Dividends. 
On December Swifty, Inc. has shares of $ par value cumulative preferred stock and shares of $ par value common stock outstanding. On December the directors declare a $ cash dividend. The entry to record the declaration of the dividend would include:
a note in the financial statements that dividends of $ per share are in arrears on preferred stock for
a credit of $ to Dividends Payable.
a debit of $ to Common Stock.
a credit of $ to Cash Dividends.
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