On January 1, 2013, Warhol Company issued 2,000 shares of 10%, $110 par value, cumulative preferred stock for $100,000. On December 30, 2015, the Board declared dividends of $30 per share on the preferred stock. What journal entry is necessary for the declaration of dividends?

Answer rating: 100% (QA)

Step 1 Dividends are the part or share of profits that is ... View the full answer