=+30. Borrowed $500,000 from Mt. Baker National Bank, giving a 7% mortgage note.

No other transactions occurred during June.

Instructions Illustrate the effects on the accounts and financial statements of each ofthe preceding transactions.

298 Chapter 8 P8-5 Dividends on preferred and common stock Objs 4, 5 SPREADSHEET

•/ 1. Common dividends in 2004: $20,000