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Make appropriate journal entries to record the declaration

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Question - Bobert's Breakfasts Incorporated (BBI) currently has 200 000 common shares issued at $6 per share 10 000 $2 non-cumulative preferred shares issued at $50 per share.

a) On January 5th, BBI declares a dividend of $120 000 to shareholders of record on January 18th, which they will pay on January 31st. Make the appropriate journal entries to record the declaration of the dividend and the payment of the dividend.

b) On February 15th, 2020, BBI pays $100 000 to reacquire 10 000 common shares. The contributed surplus account has a balance of $20 000 Credit. Make the journal entry to record this transaction.

Reference no: EM132522308

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