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hannahk17 hannahk17
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5 years ago
Madison Company earned net income of $75,000 during the year ended December 31, 2016.  On December 20, Madison declared the annual cash dividend on its 8% preferred stock (par value, $150,000) and a $0.50 per share cash dividend on its common stock (45,000 shares). Madison then paid the dividends on January 10, 2017.

Prepare the journal entries to record the declaration and the distribution of the dividends. Explanations are not required.
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Horngren's Accounting

Horngren's Accounting


Edition: 11th
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jbag1237jbag1237
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hannahk17 Author
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5 years ago
found this very helpful thank you
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