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Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common

Smart Corp. was organized on Jan. 1 with authorization of 10,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the account on Dec. 1 that should be recorded in the Description column of the Journal item (1) as the account to be debited and the amount assuming that Smart Corp. declared the annual dividend on the preferred stock with 4,000 shares of the preferred stock having been issued with the date of payment of the dividend to be Dec. 31. Sunshine Corp. is not declaring a dividend on the Common Stock. Cash debited for $20,000

DATE

DESCRIPTION

PREF

DEBIT

CREDIT

Dec. 31

(1) ?

?

(2)

I need both (1) and (2)

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