Early Company earned net income of $75,000 during the year ended December 31, 2025. On December 15,
Question:
Early Company earned net income of $75,000 during the year ended December 31, 2025. On December 15, Early Company declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). Early Company then paid the dividends on January 4, 2026.
Requirements
1. Journalize for Early Company the entry declaring the cash dividends on December 15, 2025.
2. Journalize for Early Company the entry paying the cash dividends on January 4, 2026.
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ANSWER 1 Journal entry to declare cash dividends on December 15 2025 Date December 15 2025 Preferre...View the full answer
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