Find the Journal Entries

Example 1: A firm has issued 500,000 shares of common stock. Of those shares, 450,000 are currently outstanding. The firm declares a $2 per share cash dividend on November 15, 2020. The date of record is December 15, 2020, and the date of payment is December 31, 2020. Example 2: A firm has 100,000 shares of preferred stock issued and outstanding with a par value of $100 per share. The dividend rate is 7%. Let's say the firm had not paid this year's or last year's dividend on cumulative preferred stock when the board approves the above dividend