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Prepare all necessary journal entries

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Question - During 2020, Wall Street Inc. has 12% cumulative non-participating preferred stocks with a total par value of $175,000 and common stocks with a total par value of $200,000. On December 14, 2020, the company declared cash dividends of $15,000. Dividends were distributed on January 16, 2021. On December 12, 2021, the company declared cash dividends of $74,000. Dividends were distributed on January 15, 2022. Prepare all necessary journal entries related to the dividend activity above (both preferred and common).

Reference no: EM132965016

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