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eaver Corporation had the following stock issued and outstanding at January 1, Year 1: 89,000 shares of $7 par common stock. 7,500 shares of $80
eaver Corporation had the following stock issued and outstanding at January 1, Year 1:
- 89,000 shares of $7 par common stock.
- 7,500 shares of $80 par, 4 percent, noncumulative preferred stock.
On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.
a. Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Prepare general journal entries to record the declaration and pa ansaction/event, select "No journal entry required" in the first a View transaction list 1 On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $4 per share dividend for the common shareholders. 2 The shareholders on record on June 20 will receive a dividend payment to be paid July 1. 3 On July 1, the dividends are paid to the shareholders of record on June 20. On December 31, the closing entry for dividends is recorded. Note : = journal entry has been entered Record entry Clear entryStep by Step Solution
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