Eastern Inc.'s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares

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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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Cornerstones of Financial Accounting

ISBN: 978-1337690898

4th edition

Authors: Jay Rich, Jeff Jones

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Question Posted: Dec 11, 2017 08:59 AM

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Eastern Inc.'s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares

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Item Account Explanation Debit Credit 216000 ...View the full answer

Cornerstones of Financial Accounting

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