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Pearland company has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding ,the common stock is $1.00 par value.the preferred stock

Pearland company has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding ,the common stock is $1.00 par value.the preferred stock has a $100 par value, a 5% dividend rate, and is noncumulative. On October 31,2015 , the company declares shares for common, provide journal entry for the declaration of dividends.

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