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Question 7 1 pts Cash dividends on the $10 par value common stock of Madsen Company were as follows 1st quarter of 2020 $300,000 2nd

Question 7 1 pts Cash dividends on the $10 par value common stock of Madsen Company were as follows 1st quarter of 2020 $300,000 2nd quarter of 2020 350.000 400,000 3rd quarter of 2020 4th quarter of 2020 450.000 1.500,000 TOTAL What was the effect on Madsen's stockholders' equity accounts during 2020 (the whole year as a result of the above transactions? Additional Paid in capital, $450,000 credit Retained earnings. $1,500,000 debit Retained earnings. $450,000 credit Common stock. $300,000 credit

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