A recent annual report for Sears, Roebuck and Co. disclosed that the company paid preferred dividends in
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A recent annual report for Sears, Roebuck and Co. disclosed that the company paid preferred dividends in the amount of $1 19.9 million. It declared and paid dividends on common stock in the amount of $2 per share. During the year. Sears had 1.000.000.000 shares of common authorized: 387.5 14.31X1 shares had been issued; 41.670.000 shares were in treasury stock. Assume that the transaction i.vcurred on July 15.
Required:
Prepare a journal entry to record the declaration and payment of dividends.
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