1100 QUESTION 3 (cont'd) Required: Record the following transactions which occurred consecutively. (10 marks) A total cash dividend of $90,000 was declared and payable to shareholders of record. Record dividends payable on ordinary and preference shares in separate accounts Issued 2,000 ordinary shares, $30 per share and 1.000 preference shares $70 per share. A 10% ordinary share dividend was declared. The average fair value of the ordinary shares is $18 a share. Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion. 1100 QUESTION 3 (cont'd) Required: Record the following transactions which occurred consecutively. (10 marks) A total cash dividend of $90,000 was declared and payable to shareholders of record. Record dividends payable on ordinary and preference shares in separate accounts Issued 2,000 ordinary shares, $30 per share and 1.000 preference shares $70 per share. A 10% ordinary share dividend was declared. The average fair value of the ordinary shares is $18 a share. Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion