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Prepare journal entry to record declaration of cash dividend

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Guildwood Corporation earned net income of $70,000 during the year ended December 31, 2016. On December 15, 2016, Guildwood had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares issued for $50,000. Guildwood then paid the dividends on January 4, 2017.

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Question 1: Prepare the journal entries to record the declaration of the cash dividend, and the subsequent payment of the cash dividend

Reference no: EM132601687

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