Sydney Incorporated has shares of $ cumulative preferred shares outstanding
as well as common shares. There are no dividends in arrears on the preferred
shares. The following transactions were reported during May :
May Declared the required dividend on the preferred shares and a $ per
share dividend on the common shares.
The date of record for the dividend declared on May
Paid the dividend declared on May
Closed the Income Summary account. Net income for the year was
$
Required
Prepare journal entries to record the above transactions. No explanations are
required.
Assuming the balance of Retained Earnings on June was $ deter
mine the balance of the account on May
