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Record the journal entries for the following facts: 500 shares of common stock outstanding. 600 shares of $100 six percent cumulative preferred stock have been
- Record the journal entries for the following facts:
- 500 shares of common stock outstanding.
- 600 shares of $100 six percent cumulative preferred stock have been outstanding since 2016.
- 800 shares of $100 seven percent non-cumulative preferred stock have been outstanding since 2010.
- Neither preferred stock is subordinate to the other.
- The common shareholders received a dividend in 2017.
- Dividends in 2018 were $5,000.
- Dividends declared by the board of directors were $16,000 in 2019.
- The dividends were paid twelve days after the board of directors declared them.
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