Show the wage entry with the allocation of dividends

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Reference no: EM133424617

Question: ACCO Corporation, LLC was organized on the 1st. January 2016.

During its first year of operations, the corporation issued 2,000 preferred shares at a par value of $50 and 100,000 common shares at a par value of $10. Submit the journal entry for the preferred and common stock.
The corporation declared cash dividends for the years: 2016, $5,000; 2017, $12,000; and 2018, $28,000.

Instructions:

Show the salary entry with the allocation of dividends for each year (2016, 2017 and 2018) for each class or type of share (preferred and common), assuming that the dividend of preferred shares is 6% and they are not cumulative.

Show the wage entry with the allocation of dividends for each year (2016, 2017 and 2018) for each class or type of share (preferred and common), assuming that the dividend of preferred shares is 7% and they are not cumulative.

Reference no: EM133424617

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