Bogscraft Company has outstanding $61,500$ shares of $$10$ par value common stock and $25,300$ shares of $$20$ par value

preferred stock $(8$ percent$).$ On February $1,$ the board of directors voted in favor of an $8$ percent cash dividend on the preferred

stock. The cash dividends were paid on March $15.$ The company closed its books at its fiscal year$-$end, June $30.$

Required:

Prepare journal entries to record the events on $($a$)$ February $1,($b$)$ March $15,$ and $($c$)$ June $30.($If no entry is required for a

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Record the declaration of a cash dividend of $8$ percent to the $25,300$ shares of

$$20$ par value preferred stock outstanding.