Question: Nathan Products equity includes 10.8 percent, $100 par preferred stock. There are 100,000 shares authorized and 20,000 shares outstanding. Assume that Nathan Products declares and

Nathan Products’ equity includes 10.8 percent, $100 par preferred stock. There are 100,000 shares authorized and 20,000 shares outstanding. Assume that Nathan Products declares and pays preferred dividends quarterly.

Required:

1. Prepare the journal entry to record declaration of one quarterly dividend.

2. Prepare the journal entry to record payment of the one quarterly dividend.

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