S13-7 Accounting for cash dividends Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred od stock (par value, $120,000) and a $0.25 per share cash dividend on its common st (50,000 shares). Java then paid th dividends on January 4, 2019
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