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Record the journal entries for the declaration

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Reference no: EM132926573

Question - Cash Dividend Oct. 30, 2020; Payment on Nov. 15, 2020. ABC has the following classes of stock:

On Oct. 2, 2020, ABC Company declared a Cash Dividend of $45,000 to shareholders of record on

- 6%, $85 Par Value, Non-Cumulative Preferred stock, 2,500 shares issued and outstanding.

- $2 Par, 100,000 shares authorized, 80,000 shares issued and outstanding Common Stock.

REQUIRED - Record the Journal Entries for the Declaration, Date of Record and the Payment date for the cash dividend.

Reference no: EM132926573

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