Part 1: On December 10, the Board of Directors of Win Corporation declares the f
ID: 2503579 • Letter: P
Question
Part 1:
On December 10, the Board of Directors of Win Corporation declares the following quarterly cash dividends. The date of record is December 10 and date of payment is January 2.
Instruction:
Post the necessary journal entry.
Part 2:
On November 10, the Board of Directors at Hilton Corporation declared an annual cash dividend of $3 per share on 1000 preferred shares. The dividend payable to preferred stockholders is recorded on November 26 and will be paid on December 10, Memorandum No.115, Check No.149
Instruction:
Post a journal entry for the transaction.
Explanation / Answer
1)Balance Sheet
As on 10 December
Assets Amount
Preferred Stock $10000
Common Stock $20000
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$30000
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2)Balance Sheet
As on 10 December
Source Number Value per Unit Total Amount
Preffered Stock 1000 $3 $3000
Pay to preferred stockholders on December 10, Memorandum No.115, Check No.149.