Eastern Inc.'s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares
Question:
Eastern Inc.'s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares outstanding. Assume that Eastern declares and pays preferred dividends quarterly.
Required:
1. Prepare the journal entry to record declaration of one quarterly dividend.
2. Prepare the journal entry to record payment of the one quarterly dividend?
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