Blacktea Company earned net income of $102,000 during the year ended December 31,2018. On December 15,Blacktea declared the annual cash dividend on its 22% preferred stock (par value,$100,000)and a 1.00 per share cash dividend on its common stock left parenthesis 45 comma 000(45,000shares).Blacktea then paid the dividends on January 4,2019.

Read the requirements

1.	Journalize for Blacktea the entry declaring the cash dividends on December 15,2018.
2.	Journalize for Blacktea the entry paying the cash dividends on January 4,2019.

(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date			Accounts and Explanation	Debit	Credit
2018
Dec. 15

AND,

Betty May Bakery, Inc. reported a prior-period adjustment in 2018.An accounting error caused net income of prior years to be overstated by $5,000.Retained Earnings at December 31,2017, as previously reported, was $41,000. Net income for 2018 was $75,000,and dividends declared were $20,000.Prepare the company's statement of retained earnings for the year ended December 31,2018.Enter any current period increases in retained earnings prior to the subtotal, and enter any current period decreases to retained earnings below the subtotal.

Betty May Bakery, Inc.

Statement of Retained Earnings

Year Ended December 31, 2018

	Retained Earnings, January 1, 2018, as originally reported
	Prior-period adjustment
	Retained Earnings, January 1, 2018, as adjusted
	Net income for the year
	Dividends declared
	Retained Earnings, December 31, 2018

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