Prepare the joumal entry to record Tamas Company's issuance of $5,500$ shares of $$100$ par value. $7\%$ cumulative preferred stock for $$105$ cash per share.

$2$ Assuming the facts in part $1,$ if Tamas declares a yearend cash dividend, what is the amount of dividend pald to preferred shareholders? $($Assume no diMidends in arrears.$)$

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Prepare the journal entry to record Tamas Company's issuance of $5,500$ shares of $$100$ par value, $7\%$ cumulative preferred stock for $$105$ cash per share.

Journal entry worksheet

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Record the issuance of $5,500$ shares of $$100$ par value, $7\%$ cumulative preferred stock for $$105$ cash per share.

Note: Enter debits of pre prectes