Question: Exercise 10-56 (Algorithmic) Preferred Dividends Timothy Distributors' equity includes 10.8 percent, $100 par preferred stock. There are 100,000 shares authorized and 20,100 shares outstanding. Assume

Exercise 10-56 (Algorithmic) Preferred Dividends

Timothy Distributors' equity includes 10.8 percent, $100 par preferred stock. There are 100,000 shares authorized and 20,100 shares outstanding. Assume that Timothy Distributors declares and pays preferred dividends quarterly.

1. Prepare the journal entry to record declaration of one quarterly dividend. Round your answers to nearest whole number.

2. Prepare the journal entry to record payment of the one quarterly dividend. Round your answers to nearest whole number.

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