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On December 1, 2023, Krazy Kitty Inc. declared $210,000 of dividends payable to shareholders on December 15, 2023. There are 22,400 common shares and 1,200,
On December 1, 2023, Krazy Kitty Inc. declared $210,000 of dividends payable to shareholders on December 15, 2023. There are 22,400 common shares and 1,200, $2 cumulative preferred shares. No new shares were issued during the year and dividends were last declared in 2020. Krazy Kitty Inc. had retained earnings of $2,173,000 at the beginning of 2023 and earned a net income of $671,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on December 28, 2023 The company uses the cash dividends account to record dividends
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