Ex. 2 The stockholders' equity section of Foley Corporation at December 31, 2004, included the following 5% preferred stock, $100 par value, cumulative, 10,000 shares authorized, 8,000 shares issued and Common stock, S10 par value, 250,000 shares 200,000 shares issued and outstanding outstanding S 800,000 authorized, S2,000,000 Dividends were not declared on the preferred stock in 2004 and are in arrears On September 15, 2005, the board of directors of Foley Corporation declared dividends on the preferred stock for 2004 and 2005, to stockholders of record on October 1, 2005, payable on October 15, 2005. On November 1, 2005, the board of directors declared a $.75 per share dividend on the common stock, payable November 30, 2005, to stockholders of record on November 15, 2005 Instructions Prepare the journal entries that should be made by Foley Corporation on the dates indicated below: September 15, 2005 November 1, 2005 October 1, 2005November 15, 2005 October 15, 2005November 30, 2005 Solution