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The Whole Company has a retained earnings balance of $185,000 and the following Equity outstanding: 18,000 preferred shares ($2 cumulative dividend) 125,000 common shares On

The Whole Company has a retained earnings balance of $185,000 and the following Equity outstanding:

18,000 preferred shares ($2 cumulative dividend)

125,000 common shares

On November 15 the Board of Directors declares $90,000 dividends be paid on December 15 to shareholders of record on November 30.

Show the entries required on the date of declaration.

Nov 15 Retained Earnings Blank 1

Preferred Dividend Payable Blank 2

Common Dividend Payable Blank 3

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