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Gratto Corporation earned net income of $85,000 during the year ended December 31, 2016. On...

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Accounting

Gratto Corporation earned net income of $85,000 during the year ended December 31, 2016. On December 15, Gratto Corporation declared the annual cash dividend on its 5,000 $3.00 preferred shares and a $0.60 per share cash dividend on its 50,000 common shares. Gratto Corporation then paid the dividends on January 4, 2017. Journalize for Gratto Corporation: 1. Declaring the cash dividends on December 15, 2016 2. Paying the cash dividends on January 4, 2017

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