S10-10. (Learning Objective 4: Account for cash dividends) Glenside Corporation earned net income of $97,000...
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S10-10. (Learning Objective 4: Account for cash dividends) Glenside Corporation earned net income of $97,000 during the year ended December 31, 2014. On December 15, Glenside declared the annual cash dividend on its 6% preferred stock (20,000 shares with total par value of $200,000) and a $0.14 per share cash dividend on its common stock (36,000 shares with total par value of $360,000). Glenside then paid the dividends on January 4, 2015. Journalize the following for Glenside Corporation: Declaring the cash dividends on December 15, 2014 Paying the cash dividends on January 4, 2015
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