Frenchvanilla Company earned net income of $92,000 during the year ended December 31, 2018. On December 15, Frenchvanilla declared the annual cash dividend on its 5% preferred stock(par value, $130,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). Frenchvanilla then paid the dividends on January 4, 2019.

Read the requirements

1. Journalize for Frenchvanilla the entry declaring the cash dividends on December 15, 2018.
2. Journalize for Frenchvanilla the entry paying the cash dividends on January 4, 2019.