On November 1, 2018, Krazy Kitty Inc. declared $184,000 of dividends payable to stockholders on November...

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On November 1, 2018, Krazy Kitty Inc. declared $184,000 of dividends payable to stockholders on November 15, 2018. There are 28,700, $5 par value common shares and 10,000, 4%, $5 par value cumulative preferred shares. No new stock was issued during the year and dividends were last declared in 2015. Krazy Kitty Inc. had retained earnings of $2,920,000 at the beginning of 2018 and earned a net income of $684,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on November 28, 2018. The company uses the cash dividends method to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 Cash Dividends-Common Cash Dividends-Preferred, cumulative Dividends Payable Record dividend payable Nov 28 Dividends Payable Cash Record payment of dividend declared on Nov 1 On November 1, 2018, Krazy Kitty Inc. declared $184,000 of dividends payable to stockholders on November 15, 2018. There are 28,700, $5 par value common shares and 10,000, 4%, $5 par value cumulative preferred shares. No new stock was issued during the year and dividends were last declared in 2015. Krazy Kitty Inc. had retained earnings of $2,920,000 at the beginning of 2018 and earned a net income of $684,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends on November 28, 2018. The company uses the cash dividends method to record dividends. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 Cash Dividends-Common Cash Dividends-Preferred, cumulative Dividends Payable Record dividend payable Nov 28 Dividends Payable Cash Record payment of dividend declared on Nov 1

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