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Accounting for cash dividends Java Company earned a net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2019. Requirements Journalize for Java the entry declaring the cash dividends on December 15, 2018. Journalize for Java the entry paying the cash dividends on January 4, 2019.

Accounting for cash dividends Java Company earned a net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2019. Requirements Journalize for Java the entry declaring the cash dividends on December 15, 2018. Journalize for Java the entry paying the cash dividends on January 4, 2019.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Accounting for cash dividends

Java Company earned a net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares). Java then paid the dividends on January 4, 2019.

Requirements

  1. Journalize for Java the entry declaring the cash dividends on December 15, 2018.
  2. Journalize for Java the entry paying the cash dividends on January 4, 2019.
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