
Respuesta :
Answer:
Check the explanation
Explanation:
A)
Preferred shareholder (15000×$100)×6%           $90000
Common shareholder (150000×$0.5)              $75000
Total dividend                                  $165000
B)
Date          journal                  debit            credit
10 june         dividend               $165000 Â
        To dividend payable                        $165000
      (To record dividends payable) Â
Â
20 june       no entry required          ----                ----
Â
01 july      dividend payable          $165000 Â
             To cash                              $165000
      (To record dividend payment) Â
Â
31 dec.        Retained earning         $165000 Â
           To dividends                             $165000
      (To close dividend account) Â
I have given the complete and detailed solution to your question.
Weaver Corporation's General Journal Entries are as follows:
General Journal Entries:
June 10:
Debit Dividends: Preferred Stock $90,000
Debit Dividends: Common Stock $75,000
Credit Dividends Payable $165,000
- To record the declaration of cash dividends.
June 20: No records required
July 1:
Debit Dividends Payable $165,000
Credit Cash $165,000
- To record the payment of dividends to shareholders.
December 31:
Debit Retained Earnings $165,000
Credit Dividends: Preferred Stock $90,000
Credit Dividends: Common Stock $75,000
- To close the dividends accounts to Retained Earnings.
Data Analysis:
Issue and Outstanding Balances on January 1, Year 1:
150,000 shares, Common Stock at $1 par = $150,000
15,000 shares, 6% Noncumulative Preferred Stock at $100 par = $1,500,000
June 10: Dividends: Preferred Stock $90,000 ($1,500,000 x 6%) Common Stock $75,000 (150,000 x $0.50) Dividends Payable $165,000
June 20: No record required
July 1: Dividends Payable $165,000 Cash $165,000
December 31: Retained Earnings $165,000 Dividends: Preferred Stock $90,000 Common Stock $75,000
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