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Prepare the journal entry required to record the transaction

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Problem 1: On January 1, 2020 Garden State issued 10,000 shares of $10 par preferred stock for $21 per share. Prepare the journal entry required to record this transaction.

1.) Jan. 1 Journal Entry.

No preferred stock had been issued before the January 1, 2020 issuance described above. The preferred stock pays a cumulative annual dividend of 7% of par value.

2.) What is the total amount of the annual dividends that would be paid, if declared, to preferred stockholders?

Reference no: EM132764514

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