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Journalize declaration of the cash dividends on december

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Reference no: EM132482868

Point 1: On December 10, HoHo Limited declared the annual cash dividend on its 5,000 $3.00 preferred shares and a $0.60 per share cash dividend on its 50,000 common shares. HoHo Limited then paid the dividends on January 8, 2020. HoHo Limited earned net income of $85,000 during the year ended December 21, 2019, and has sufficient cash to pay the dividends.

Question 1: Journalize the declaration of the cash dividends on December 10, 2019

Question 2: Journalize the payment of the cash dividends on January 8, 2020

Reference no: EM132482868

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