Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:

1. 150,000 shares of $1 par common stock.
2. 15,000 shares of $100 par, 6 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 15,000 shares of preferred stock and a $0.50 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.

b. Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Import a new list

• 1

  On June 10, Weaver Corporation declared the annual cash dividend on its 15,000 shares of preferred stock and a $0.50 per share dividend for the common shareholders.

• 2

  The shareholders on record on June 20 will receive a dividend payment to be paid July 1.

• 3

  On July 1, the dividends are paid to the shareholders of record on June 20.

• 4

  On December 31, the closing entry for dividends is recorded.