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Prepare the journal entry to record tamasine company

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Reference no: EM13896494

a. Prepare the journal entry to record Tamasine Company's issuance of 5,000 shares of $100 par value 7% cumulative preferred stock for $ 102 cash per share. 
b. Assuming the facts in part 1, if Tamasine declares a year end cash dividend, what is the amount of dividend paid to preferred shareholders? (Assume no dividends in arrears.)

Reference no: EM13896494

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