Gammon, Inc , declared dividends during the current year as follows The current years cash dividend on the 6 percent, $100 par value preferred stock 100,000 shares were outstanding at the time of the declaration A cash dividend of $0 75 per share on the $10 par value common stock 750,000 shares were outstanding at the time of the declaration Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly to retained earnings (If no entry is required for a transaction event, select No journal entry required in the first account field )

The Answer is in the image, click to view ...

Question: Gammon, Inc., declared dividends during the current year as follows: The current years cash dividend on the 6 percent, $100 par value preferred stock. 100,000

Gammon, Inc., declared dividends during the current year as follows:

	The current years cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of the declaration.
	A cash dividend of $0.75 per share on the $10 par value common stock. 750,000 shares were outstanding at the time of the declaration.

Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly to retained earnings. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Gammon, Inc., declared dividends during the current year as follows. The current year's cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of...

Gammon, Inc., declared dividends during the current year as follows: The current year's cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of...

Gammon, Inc., declared dividends during the current year as follows: The current years cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of...

Gammon, Inc., declared dividends during the current year as follows. The current years cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of...

Simon, Inc., declared dividends during the current year as follows. The current years cash dividend on the 8 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of...

Gammon Inc. declared dividends during the current years as follows: The current year's cash dividend on the 6%,$100 per value preferred stock . 100,000 shares were outstanding at the time of the...

1) Presented below is information related to the ABC Company. Prepare the general journal entries necessary to record these transactions. If no entry is needed, write No Entry a. The company received...

Please show the journal entry for each with Cash..... common stock additional paid-in capital I need to see how you got the numbers please and thank you!! Show what was authorized and what was...

8 Find Para bola Parabola. Include the your tch the focus and directrix of 8x2 Than So curs. the sketch the and directrix in

You put $24,000 into an account an account at the end of each year for 20 years. Your first deposit will be made 1 year from today. The account will earn an annual return of 8%. How much will there...

According to Modigliani and Miller, altering a firm's capital structure will not change a firm's value because taxes have no effect on capital structure decisions. the value of n firm is based on the...

15. Create a function that will receive the arrays X and Y, the function must exchange the contents of the array X and array Y. //complete the prototype for the function exchange (5 points) void...