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Help me fix this ! Accounting Exercise 11-7A Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and
Help me fix this ! Accounting
Exercise 11-7A Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 123,000 shares of $14 par common stock. 27.500 shares of $130 par, 5 percent, noncumulative preferred stock. On June 10, Wesver 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. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Total dividends 540,750 b. 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.) No Date General Journal Debit Credit June 10 540,750 Dividends Dividends payable Common stock June 20 540,750 Dividends payable Dividends Cash 540,750 July 01 x x 4 December 31 3 oldindan sonra fa-based calculatoru; not deductedStep by Step Solution
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