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Home Q & A Board Other Fields Homework Help Business Accounting
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Cookiemonster Cookiemonster
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5 years ago
On January 1, 2013, Warhol Company issued 2000 shares of 10%, $100 par value, cumulative preferred stock for $300,000.  On December 30, 2015, the Board declared dividends of $30 per share on the preferred stock. What journal entry is necessary for the declaration of dividends?

A)
Dividendspreferred20,000
          Dividends payablepreferred20,000

B)
Dividends payablepreferred20,000
          Cash20,000

C)
Dividendspreferred60,000
          Dividends payablepreferred60,000

D)
Dividends payablepreferred60,000
          Cash60,000
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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wrote...
#1
5 years ago
 C
Explanation:  [(2000  $100)  10%]  3 years
Cookiemonster Author
wrote...
#2
5 years ago
Tremendous help, I just double-checked it with my friend Smiling Face with Open Mouth
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