Entries for Cash DividendsThe declaration, record, and payment dates in connection with a cash dividend of $79,600 on a corporation's common stock are January 12, March 13, and April 12.If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.Jan. 12 Cash DividendsCash Dividends PayableMar. 13 No Entry RequiredNo Entry RequiredApr. 12 Cash Dividends PayableCash Dividends Per ShareInternal Insights Inc., a developer of radiology equipment, has stock outstanding as follows: 13,000 shares of cumulative preferred 4% stock, $110 par, and 43,000 shares of $20 par common. During its first fouryears of operations, the following amounts were distributed as dividends: first year, $38,350; second year, $86,050; third year, $103,300; fourth year, $121,700.Compute the dividend per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, leave it blank.1st Year2nd Year3rd Year4th YearPreferred stock (dividend per share)Common stock (dividend per share)

For record date there would be no journal entry recorded as no transaction has actually taken place.…

The declaration, record, and payment dates in connection with a cash dividend of $79,600 on a corporation's common stock are January 12, March 13, and April 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

The declaration, record, and payment dates in connection with a cash dividend of $79,600 on a corporation's common stock are January 12, March 13, and April 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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