Larkspur Incorporated had issued common shares and $76,800,$ $$3\mathrm{.}50$ preferred shares issued.

Larkspur did not pay a dividend to the preferred shareholders in $2023$ and $2024.$

Determine the dividends in arrears, if any, at December $31,2024$ if $($Do not leave any answer field biank. Enter $0$ for amouns$)$

a$)$ The preferred shares were noncumulative, and $

b$)$ The preferred shares were cumulative.

$

Question Part Score

As$5$uming the preferred shares were cumulative and Larkspur declared payment of all dividends in arrears on December $31,2024,$

prepare the necessary journal entry. $($Credit account titles are automatically indented when the amount is entered. Do not indent manully.

If no entry is required, select $"$No Entry" for the account titles and enter O for the anounts. List debit entry hefore creditentry$)$

Date

Account Titles

Debit

Credit

Dec. $31,$

$2024$