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No Guts GOP Inc. (NG) has 200,000 shares of stock authorized and 100,000 shares outstanding. On August 1, 2019 NGs' board of directors declared a
No Guts GOP Inc. (NG) has 200,000 shares of stock authorized and 100,000 shares outstanding. On August 1, 2019 NGs' board of directors declared a cash dividend of $0.50 per share, with a date of record of September 1, 2019. The dividend will be paid on October 1, 2019. a. Record the journal entry to declare the dividend. b. Record the journal entry on the date of record. C. Record the journal entry to pay the dividend. On June 1, 2020, No Guts GOP Inc. (NG) issued 10,000 preferred shares for $19 per share. The shares pay a cumulative annual dividend of $.70 per share. d. Complete the following table to show how dividends were allocated between preferred and common shareholders. Year Total Dividend To Preferred Shareholders To Common Shareholders 2020 $100,000 $7,000 $93,000 2021 2022 2023 2024
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