QUESTION: THE DECLARATION, RECORD, AND PAYMENT DATES FOR A CASH DIVIDEND OF $650,000 ON A CORPORATION'S COMMON STOCK ARE MAY 1, JUNE 18, AUGUST 1. JOURNALIZE THE ENTRIES REQUIRED ON EACH DATE

5. WEIL Inc. has 60,000 shares of cumulative preferred 2% stock, $150 par, and 100,000 shares of $5 par common stock. The following amounts were distributed as dividends: Year 1: $105,000 Year 2: 300,000 Year 3: 480,000 Determine the dividends per share for preferred and common stock for each year; Year 3 Year 1 Year 2 Amount Distributed Preferred Dividend (60,000 shares) Common Dividend (100,000 shares) Dividends per Share Preferred Stock Common Stock