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ANS, Inc. has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock ...

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ANS, Inc. has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock ...

ANS, Inc. has 50,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding. The common stock has a $1.00 par value. The preferred stock has a $100 par value, a 5% dividend rate, and is noncumulative. On October 31, 2017, the company declares the annual preferred dividend and dividends of $0.25 per share for common. Prepare the journal entry for the declaration of dividends.

Textbook

Horngren's Accounting

Edition: 11^th

Authors: Miller-Nobles, Mattison, Matsumura

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