Bogscraft Company has outstanding 65,000 shares of $10 par value common stock and 26,000 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.)

X Record the declaration of a cash dividend of 8 percent to the 26,000 shares of $20 par value preferred stock outstanding. 2 Record the payment of the cash dividend to the preferred shareholders. 3 Record the entry to close the dividends account