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Make journal entry that should be made by foley corporation

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Reference no: EM132492876

The equity section of Foley Corporation at December 31, 2016, included the following:

Point 1: 4% Share capital-preference, $100 par value, cumulative, 10,000 shares authorized, 8,000 shares issued and outstanding $ 800,000 Share capital-ordinary, $10 par value, 250,000 shares authorized, 200,000 shares issued and outstanding 2,000,000 Dividends were not declared on the preference shares in 2016 and are in arrears.

Point 2: On September 15, 2017, the board of directors of Foley Corporation declared dividends on the preference shares for 2016 and 2017, to shareholders of record on October 1, 2017, payable on October 15, 2017.

Point 3: On November 1, 2017, the board of directors declared a $.90 per share dividend on the ordinary shares, payable November 30, 2017, to shareholders of record on November 15, 2017.

Instructions

Question 1: Prepare the journal entries that should be made by Foley Corporation on the dates indicated below:

September 15, 2017 November 1, 2017

October 1, 2017 November 15, 2017

October 15, 2017 November 30, 2017

Reference no: EM132492876

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