A recent annual report for Sears Holdings Corporation disclosed that the company paid preferred dividends in the

Question:

A recent annual report for Sears Holdings disclosed that the company paid preferred dividends in the amount of $119.9 million. It declared and paid dividends on in the amount of $2 per share. During the year, Sears had 1,000,000,000 shares of common authorized; 387,514,300 shares had been issued; 41,670,000 shares were in treasury stock. Assume that the transaction occurred on July 15.

Required:
Prepare a journal entry to record the declaration and payment of dividends.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...