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Lake Enterprises has both common and preferred stock. There are 4 5 , 0 0 0 shares of $ 3 par common stock outstanding and
Lake Enterprises has both common and preferred stock. There are shares of $ par common stock
outstanding and shares of $ par, cumulative preferred stock outstanding. The company did not
pay any dividends last year. On June of this year, the Board of Directors voted to give a $ cash
dividend to stockholders of record by June The dividend would be paid on July
a Calculate the amount of the dividend to be paid to each class of shareholders.
b Prepare journal entries to record the declaration and payment of the dividends Hint: use the Account
List click to pop open to help you with your journal entries
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