Preferred Dividends

Nathan Products' equity includes $10\mathrm{.}8\%,$$$100$ par preferred stock. There are $100,000$ shares authorized and $27,000$ shares outstanding. Assume that Nathan Products declares and pays preferred dividends quarterly.

Required:

Prepare the journal entry to record declaration of one quarterly dividend. If an amount box does not require an entry, leave it blank.

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Prepare the journal entry to record payment of the one quarterly dividend. If an amount box does not require an entry, leave it blank.

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