Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 58,000 shares of $14 par common stock. 7,500 shares of $100 par, 5 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.

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a. 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.

b. The shareholders on record on June 20 will receive a dividend payment to be paid July 1.

c. On July 1, the dividends are paid to the shareholders of record on June 20.

d.On December 31, the closing entry for dividends is recorded.

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 58,000 shares of $14 par common stock. 2. 7,500 shares of $100 par, 5 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. Journal entry worksheet Journal entry worksheet 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 shareholders on record on June 20 will receive a dividend payment to be paid July1 Note: Enter debits before credits. Note: Enter debits before credits Date General Journal Debit Credit Date General Journal Debit Credit June 10 June 20 Record entry Clear entry View general j Record entry Clear entry View general journa Journal entry worksheet 4 On December 31, the closing entry for dividends is recorded On July 1, the dividends are paid to the shareholders of record on June 20 Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit Date General Journal Debit Credit December 31 July 01