Greenwood Corporation earned net income of $100,000 during the year ended December 31,2020 . On December 15, Greenwood Corporation had declared the annual cash dividend on its $0.75 preferred shares ( 11,000 shares issued for $110,000 ) and a $0.85 per share cash dividend on its common shares (55,000 shares for $110,000). Greenwood then paid the dividends on January 4, 2021 .

Journalize the following for Corporation: a. Declaring the cash dividends on December 15, b. Paying the cash dividends on January 4, Did Retained Earnings increase or decrease during ? By how much?

Greenwood Corporation earned net income of $100,000 during the year ended December 31, 2020. On December 15, Greenwood had declared the annual cash dividend on its 50.75 preferred shares (11,000 shares issued for $110,000) and a $0.85 per share cash dividend on its common shares (55,000 shares for $110,000). Greenwood then paid the dividends on January 4, 2021. Journalize the following for Greenwood Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much? a. Journalize Greenwood Corporation's declaration for the cash dividends on December 15, 2020. (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Debit Credit 2020 Dec. 15 55000 55000 Accounts Payable Cash Dividends Payable b. Journalize Gr Retained Earnings January 4, 2021 Journal Entry Accounts Debit Credit 2021 Jan 4 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search 10:40 AM 11/21/2020 713 Greenwood Corporation earned net income of $100,000 during the year ended December 31, 2020. On December 15, Greenwood had declared the annual cash dividend on its S0.75 preferred shares (11,000 shares issued for $110,000) and a $0.85 per share cash dividend on its common shares (55,000 shares for $110,000). Greenwood then paid the dividends on January 4, 2021. Journalize the following for Greenwood Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much? Dec. 55000 15 Dividends Payable 55000 b. Journalize Greenwood Corporation's payment of the cash dividends on January 4, 2021 Journal Entry Accounts Debit Credit 2021 Jan. 4 Did Retained Earnings increase or decrease during 2020? By how much? During 2020, retained earnings by $ Choose from any list or enter a decreased nput fields and then continue to the next question. Save for Later increased Type here to search WT 10:40 AM 11/21/2020 713