PREFERRED DIVIDENDS Nathan Products equity includes 10.8 percent, $100 par preferred stock. There are 100,000 shares authorized

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PREFERRED DIVIDENDS 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:

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

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

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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