QS $11-11($Algo$)$ Preferred stock issuance and dividends LO C$2$

Prepare the journal entry to record Tamas Company's issuance of $6,500$ shares of $$100$ par value, $9\%$ cumulative preferred stock for $$105$ cash per share.

Assuming the facts in part $1,$ if Tamas declares a year$-$end cash dividend, what is the amount of dividend paid to preferred shareholders? $($Assume no dividends in arrears.$)$

Complete this question by entering your answers in the tabs below.

Prepare the journal entry to record Tamas Company's issuance of $6,500$ shares of $$100$ par value, $9\%$ cumulative preferred stock for $$105$ cash per share.

Journal entry worksheet

A

Record the issuance of $6,500$ shares of $$100$ par value, $9\%$ cumulative preferred stock for $$105$ cash per share.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,]]$